NBCC (India) announced on Saturday that its board has approved the issuance of bonus shares in a 1:2 ratio, meaning shareholders will receive one new fully paid-up equity share of Rs 1 each for every two existing shares. The company will utilise Rs 90 crore from its free reserves for this purpose.
In a regulatory filing, NBCC said that the issuance of bonus shares and the record date for eligibility have been approved. The company plans to issue 90 crore shares as bonus shares.
The issuance is subject to approval by shareholders at the upcoming Annual General Meeting, with October 7, 2024, set as the record date.
“The Board of Directors has recommended the issuance of bonus shares to the shareholders of the company in the ratio of 1:2 i.e. one new fully paid-up equity share of Rs 1 each for every two existing shares to the eligible members as on the record Date,” NBCC, which is mainly into project management consultancy (PMC) and real estate business, said.
“The Board has fixed Monday, October 07, 2024 as Record date to determine the eligibility of members to receive bonus shares,” it added.
The last bonus issue by NBCC was in 2017, also in a 1:2 ratio.
NBCC’s CMD K P Mahadevaswamy said, “The decision to recommend a bonus issue is a testament to the robust performance and sound financial position of NBCC India Limited.” He added that the company achieved its highest ever turnover, business development, and profit for the financial year 2023-2024.
Mahadevaswamy highlighted that NBCC, with an order book exceeding Rs 81,300 crore and a focus on redevelopment, land monetization, real estate development, overseas expansion, and PMC works, is well-positioned to contribute to a “Viksit Bharat”, a developed India. Come from Sports betting site VPbet
