Standard Capital Markets Ltd has received regulatory approval for the issue and allotment of the proposed bonus shares and stock split. The stock exchange BSE has granted its in-principle approval to the company for the same on December 22.
“We acknowledge receipt of your application regarding in-principle approval for issue and allotment of proposed Bonus equity shares to the shareholders… In this regard, the Exchange is pleased to grant in-principle approval for issue and proposed allotment of not exceeding 98,00,02,000 Bonus equity shares of Re 1/- each in the ratio of 2 (Two) new equity share for every 1 (One) existing equity shares held in the company…," said a BSE notice.
The board of directors of Standard Capital Markets had approved the stock split in its board meeting held on November 24. The company’s board approved a proposal for 1:10 stock subdivision along with issuance of bonus shares.
The company has fixed Friday, December 29, as the Record Date, for the stock split and bonus issue, which were approved by the shareholders at the Extra-ordinary General Meeting of the company held on Monday, December 18.
Under the stock split, Standard Capital Markets will split 1 (One) equity share of face value of ₹10 each fully paid-up into 10 (Ten) equity shares of the face value of Re 1 each fully paid-up. 2.
The company will issue bonus shares in the ratio of 2:1 i.e., 2 equity shares of Re 1 each for every 1 equity share of Re 1 each held by its shareholders as on the Record Date.
The record date for both the corporate actions, stock split and bonus issue, has been fixed on Friday, December 29.
Standard Capital Markets shares have seen a stellar rally with the stock rising 32% in the past one month.
Standard Capital Markets share price has jumped more than 50% in three months and over 260% year-to-date (YTD).
On Friday, Standard Capital Markets shares ended 1.96% higher at ₹75.00 apiece on the BSE.
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