Ratnamani Metals jumps as board OKs 1:2 bonus issue

Ratnamani Metals & Tubes rose 3.62% to Rs 2583.95 after the company's board on Wednesday approved issuing one bonus share for two equity shares held.

The board recommended issuing one new bonus equity share for every two existing fully paid up equity shares (1:2), subject to approval shareholders. The record date is fixed on 1 July 2022.

The company announced its Q4 results yesterday, 18 May 2022. On a consolidated basis, net profit of Ratnamani Metals & Tubes rose 2.01% to Rs 111.63 crore on 39.94% rise in net sales to Rs 974.06 crore in Q4 March 2022 over Q4 March 2021.

Profit before tax (PBT) rose 1.51% year-on-year to Rs 148.94 crore in Q4 March 2022.

During the quarter, total expenses jumped 49.94% to Rs 805.53 crore. Cost of material consumed climbed 74.46% YoY to Rs 709.52 crore.

The board also recommended a dividend of Rs 14 a share for the fiscal year 2022.

Further, the board recommended seeking enabling resolution for the issuance of unsecured/secured redeemable non-convertible debentures/bonds (NCDs) by way of private placement for an amount not exceeding Rs 800 crore, in one or more tranches.

It also recommended seeking enabling resolution for fund raising by way of further public offer/preferential issue/qualified institutional placement and/or any other mode of equity shares to the extent not exceeding Rs 800 crore.

Ratnamani Metals & Tubes provides critical tubing and piping solutions to diverse range of industries & niche markets.

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