TRIL rallies on bonus issue plan
The board is schedule to meet on May 02, to consider issue of bonus shares to public shareholders.
Transformers and Rectifiers (India) (TRIL) has rallied 12% to Rs 114 after the company announced a maiden bonus issue plan to other than promoters to meet a minimum public shareholding requirement.
“The board of directors of the company is schedule to meet on May 03, 2013, to consider issue of bonus shares to public shareholders, with promoters/promoter group shareholders forgoing their bonus entitlement, to comply with minimum public shareholding requirement as per clause 40A of the listing agreement,” TRIL said in a BSE filing.
As per the norms stipulated by the Securities and Exchange Board of India (Sebi), privately promoted companies are expected to have public shareholding at 25% by June 2013. Currently, the promoters hold 76.82% stake in TRIL.
Meanwhile, the company has reported over two-fold jump in net profit at Rs 3.79 crore for the quarter ended March 2013 on back of robust net sales. The company’s total operational income grew 71% to Rs 244 crore on year-on-year basis.
The stock opened at Rs 102 and touched high of Rs 116 on NSE. A combined 425,557 shares have changed hands on the counter till early noon deals on NSE and BSE.
“The board of directors of the company is schedule to meet on May 03, 2013, to consider issue of bonus shares to public shareholders, with promoters/promoter group shareholders forgoing their bonus entitlement, to comply with minimum public shareholding requirement as per clause 40A of the listing agreement,” TRIL said in a BSE filing.
As per the norms stipulated by the Securities and Exchange Board of India (Sebi), privately promoted companies are expected to have public shareholding at 25% by June 2013. Currently, the promoters hold 76.82% stake in TRIL.
Meanwhile, the company has reported over two-fold jump in net profit at Rs 3.79 crore for the quarter ended March 2013 on back of robust net sales. The company’s total operational income grew 71% to Rs 244 crore on year-on-year basis.
The stock opened at Rs 102 and touched high of Rs 116 on NSE. A combined 425,557 shares have changed hands on the counter till early noon deals on NSE and BSE.