Garware Technical jumps after getting nod from NSE for bonus issue

Garware Technical Fibres rallied 5.71% to Rs 4,513 after the company has received in-principle approval letter from National Stock exchange (NSE) for bonus issue in the ratio of 4:1.

The company will issue 7,94,12,676 fully paid up bonus issue equity shares of Rs 10 each in the ratio of 4:1 i.e for every one equity share held by existing shareholders will get four bonus shares of Rs 10 each.

The company has set record date for bonus issue as 3 January 2025 .

Garware Technical Fibres is a leading player in technical textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company's products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.

On a consolidated basis, the companys net profit surged 25.7% to Rs 65.96 crore on 28.1% increase in net sales to Rs 420.59 crore in Q2 September 2024 over Q2 September 2023.

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