1:4 Bonus Shares By IT Stock: September 20 Record Date: Target Price Is At?

With operations in the US (California, New Jersey, Missouri, Florida, and Pennsylvania), Canada (Ontario), India (Bengaluru, Kolkata, and Mumbai), Europe (United Kingdom and Germany), the Asia-Pacific area (Singapore, Malaysia, and Philippines), and the Middle East (Bahrain), Mindteck (India) is a multinational engineering and technology solutions company. It also has two development centres, one each in Bengaluru and Kolkata. The firm was founded in 1991 and currently provides services to government agencies, start-ups, top universities, and Fortune 1000 companies worldwide.

Mindteck Bonus Shares

"Pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company has fixed Friday, September 20, 2024 as the Record Date for the purpose of determining Shareholders and their entitlement for Issue and Allotment of Bonus Equity Shares in the ratio 1:4 i.e., 1 (One) new fully paid-up equity share of Rs. 10/- each for every 4 (Four) existing fully paid-up equity shares of Rs. 10/- each held by them. The Bonus equity shares shall be allotted to those members whose names appear on the Register of Members of the Company and in the Beneficial records of the Depositories as the said date," said the company in a stock exchange filing.

Mindteck Bonus Shares Approval Date

"We acknowledge receipt of your application regarding in-principle approval for issue and allotment of proposed Bonus equity shares to the shareholders in terms of Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. In this regard, the Exchange is pleased to grant in-principle approval for issue and proposed allotment of not exceeding 64,00,000 Bonus equity shares of Rs. 10/- each in the ratio of 1 (one) new equity share for every 4 (four) existing equity shares held in the Company," said the company in a stock exchange filing on September 12, 2024.

Mindteck Financials

For the quarter that ended on June 30, 2024, the company's standalone revenue was Rs. 41.44 crore, compared to Rs. 36.10 crore for the prior quarter that ended on March 31, 2024, and Rs. 34.42 crore for the quarter that ended on June 30, 2023. In comparison to a net profit of Rs. 3.45 crore for the prior quarter that ended on March 31, 2024, and Rs. 3.96 crore for the equivalent quarter ended June 30, 2023, the standalone net profit after tax for Q1FY25 was Rs. 3.86 crore.

Mindteck India Share Price Target

"Mindteck stock price is bearish on the Daily charts with strong resistance at 429.5. A Daily close below support of 406 could lead to a target of 360 in the near term," said A R Ramachandran, Independent Research Analyst.