Anup Engineering board OKs 1:1 bonus issue

The Anup Engineering announced that its board has approved the issue of one new bonus equity share for every one existing share held by the members as on 'record date'.

The record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated later, the company stated.

The bonus equity shares will be issued out of balance of free reserves (retained earnings) as on 31 March 2023. A total sum of Rs 9.92 crore would be utilized from balance of free reserves for implementation of this bonus issue.

The total free reserves with the company at the end of FY23 were Rs 472.24 crore.

The said bonus shares would be credited/dispatched within 2 months from the date of approval of board of directors, which is 19 May 2024.

The Anup Engineering supplies process equipment to nearly all major projects in oil & gas, fertilizer, power, chemical & petrochemical sectors in India and worldwide.

The companys net profit jumped 45.3% to Rs 20.17 crore on 12.2% rise in net sales to Rs 128.40 crore in Q3 FY24 over Q3 FY23.

The scrip tumbled 8.08% to close at Rs 3,010.95 on the BSE.

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