3:1 Bonus Issue: 23rd October Record Date; Buy To Get 3 Bonus Shares For 1 Each?

Founded in 1985, Grovy India Limited is currently one of South Delhi's top builders. In addition to being a member of The Confederation of Indian Industry (CII), Grovy India is a leading real estate construction firm that specialises in building luxurious residences in Delhi. After the company announced the record date for 3:1 bonus shares, Grovy India's shares closed at a 10% upper circuit limit on Wednesday, closing at Rs 190.50 on the BSE, with a market capitalisation of Rs 63.51 Cr.

Grovy India Bonus Shares Record Date

"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Wednesday, 23rd October, 2024 as the Record Date for the purpose of ascertaining the shareholders eligible for allotment of Bonus Shares in the ratio of 3:1, i.e. 3 (Three) Bonus Equity Shares of Re. 10/- each fully paid-up for every 1 (one) existing Equity Share of Re. 10/- each held as on the above-mentioned record date. Kindly note that the Company has already received shareholders approval for the issuance of Bonus Shares in its Annual General Meeting held on September 30, 2024," Grovy India said in a stock exchange filing.

How To Be Eligible For Grovy India Bonus Shares?

"Credited as fully paid‐up equity shares to the holders of existing equity share(s) of the Company whose names appear in the Register of Members maintained by the Company and the List of Beneficial Owners as received from the National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) on the Record Date as fixed by the Board for the purpose (which expression shall also include a Committee thereof), in the proportion of 3 (Three) Bonus equity share of Rs. 10/‐ each for every (1) One existing equity share(s) of Rs. 10/‐ each held by the Members/Beneficial Owners," said Grovy India in a regulatory filing.

Grovy India Bonus Shares Allotment

"The Bonus Shares so distributed shall, for all purposes, rank pari passu with the existing equity shares and shall be treated as increase in the paid up share capital of the Company and shall be entitled to participate in full in any dividend(s) to be declared after the bonus shares are allotted. No letter of allotment shall be issued to the allottees of the new equity bonus shares and the share certificate(s) in respect of the new equity bonus shares shall be issued to shareholders holding shares in physical mode and dispatched to the allottees thereof within the period prescribed or that may be prescribed in this behalf, from time to time, except that the new equity bonus shares will be credited to the demat account of the allottees, who hold the existing equity shares in electronic form," informed Grovy India to stock exchanges.

Grovy India Share Price Target

"Grovy India stock price is overbought yet bullish on the Daily charts with next resistance at 195. Investors should be booking profits at current levels as a Daily close below support of 177 could lead to a target of 156 in the near term," predicted A R Ramachandran, Independent Research Analyst.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.