Rs 2/Sh Dividend, 1:1 Bonus Issue: Power Mech Jumps 8% After Fixing Record Date, Eligible?

Small cap infrastructure-construction company Power Mech Projects Ltd shares witnessed sharp rally of over 8% after the company fixed September 28, 2024 as the record date for final dividend and bonus share. Earlier on August 22, 2024, Power Mech Projects recommended 1:1 bonus share and fixed September 28, 2024 as the record date for Rs 2/- per equity share dividend. The company also fixed September 28 as the record date for the bonus share.

Power Mech Projects shares offered stunning returns of 431% in last 2-years and 73% in last 1-year. This will the maiden bonus issue that Power Mech recommended on August 22. Power Mech never declared any stock split. Check details below:

Power Mech Projects Shares Performance: Power Mech Projects shares hit 52-week high soon after its latest corporate action of recommending bonus share and fixing record date for bonus share and dividend. Power Mech Projects shares offered eye-catching returns of 54% year-to-date, soared 721% in last 3-years, and zoomed 899% in last 5-years. The 52-week high price of Power Mech Projects on BSE is Rs 7,450.00 apiece (as on 23/08/2024) and 52-week low price is Rs 3342.75 apiece (as on 02/11/2023), respectively.

Power Mech Projects Sets Record Date For Dividend: The Board of Power Mech fixed Saturday, 28th September 2024 as Record date to determine the eligibility of shareholders/Beneficial Owners who are entitled for receipt of Final Dividend. Earlier, Power Mech recommended a final dividend of Rs 2/- per equity share of the face value of Rs 10.00 each.

Power Mech Dividend History: Power Mech Projects announced 7 dividends since March 29, 2016. In last 1 year, Power Mech Projects announced an equity dividend amounting to Rs 2.00 per share. At the current share price of 6901.45, Power Mech Projects offers a dividend yield of 0.03%.

Power Mech Projects Ltd Approves Bonus Share: According to the company's BSE filing declared today (August 22, 2024), "commemorating 25 Glorious years of existence and growth and to reward the shareholders, the Board decided to issue bonus shares in the ratio of 1:1 ie.. one share for every one equity share of Rs. 10/- each fully paid up subject to the approval of shareholders at ensuing 25th Annual General Meeting which is scheduled to be held on 27th September, 2024. The Bonus Shares shall rank pari passu in all respects and carry the same rights as the existing equity shares of the Company."

Power Mech Sets Record Date For Bonus Share: The BSE filing added, "the Board has approved fixation of Saturday, 28th September 2024 as Record date to determine the eligibility of shareholders/Beneficial Owners who are entitled for receipt of Bonus shares, subject to approval of Bonus Issue by the shareholders at the ensuing AGM."

Shareholding: FII/FPI have increased holdings from 4.98% to 5.24% in June 2024 quarter. Number of FII/FPI investors increased from 117 to 118 in June 2024 quarter. Mutual Funds have increased holdings from 16.51% to 18.68% in June 2024 quarter. Institutional Investors have increased holdings from 24.42% to 26.89% in June 2024 quarter.

How To Be Eligible For Power Mech Dividend? Record date plays significant role in announcing eligibility of shareholders for dividend and bonus share. Shareholders whose name appear in company's shareholders record as on the record date will become eligible to receive dividend income and bonus share. Record date is the specific day on which a company confirms the list of shareholders eligible for its dividend distribution and bonus shares. Power Mech fixed September 28, 2024 as the record date for dividend and bonus share.

About: Power Mech Projects Limited, is one among the leading infrastructure-construction Companies based in Hyderabad, India with global presence and highly credited in providing spectrum of services in power and infrastructure sectors. It was established in the year 1999 by an enthusiastic engineering entrepreneur S. Kishore Babu with chosen motto of providing service with high quality, safety and time line, the three virtues still holding the Company in high esteem.

Disclaimer: The stock highlights the bonus share, dividend, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.