Bharat Global Dev hits life high as board OKs bonus issue, stock split

Bharat Global Developers was locked in upper circuit of 5% at Rs 1,210.40 after its board approved bonus issue in the ratio of 8:10 and stock split in the ratio of 1:10.

The board of directors approved issue 8 bonus equity shares for every 10 existing equity shares held (8: 10) as on the record date to enhance share liquidity, increase affordability, and broaden shareholder participation.

The bonus issue of equity shares is subject to approval of the shareholders and other applicable statutory and regulatory approvals, as may be required.

This move will increase the paid-up share capital from 101.25 crore shares to 182.26 crore shares.

The company expects to complete this corporate action within 2 months from date of board approval.

The bonus shares will be issued out of free reserves and/ or securities account premium account of the company available as on 30 September 2024, which stood at Rs 85.03 crore.

Further, the companys board has recommended sub-division of equity shares to face value of Rs 1 per equity share from the existing face value of Rs 10 per equity share (1:10).

Bharat Global Developers (formerly known as Kkrrafton Developers) specializes in sourcing, importing, and exporting a wide array of products spanning industries such as textile, agriculture, consumer goods, and beyond.

The companys standalone net profit zoomed 298.03% to Rs 10.11 crore on 300.28% jump in net sales to Rs 216.35 crore in Q2 FY25 over Q1 FY25.

The scrip freezed at its all time high of Rs 1,210.40 in today's intraday session.

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