Shares of Ratnamani Metals and Tubes Ltd surged more than 15% to trade at a 52-week high value in early trade on Thursday. The spike in stock price comes ahead of bonus record date. The company catering to iron and steel has announced 1:2 bonus issue for shareholders. The counter has already started trading ex-bonus from Thursday, June 30.
As per the bonus split provisions, the eligible shareholders will get one share for every two shares they hold on the record date.
A manufacturer of stainless steel pipes and tubes and carbon steel pipes, Ratnamani Metals and Tubes had approved the bonus issue of 1:2 on May 18, 2022.
“The Board considered and recommended a bonus issue in the ratio of 1:2 i.e. One new bonus Equity Share of Rs.2/- each for every Two existing fully paid up Equity Shares of Rs.2/- each, subject to approval by the members and any other applicable statutory and regulatory approvals through postal ballot,” the company had said in a regulatory filing.
The bonus shares will be credited to those members who are holding the equity shares as on a record date Friday, July 1, 2022, it said.
As per the company, the Pre-Bonus Equity Shares is 4,67,28,000 of Rs.2/- each having paid up value of Rs.9,34,56,000/- and the post-bonus Equity Shares would be 7,00,92,000 of Rs.2/- each having paid up value of Rs.14,01,84,000/- (if approved by the Shareholders by postal ballot). Hence, Issue of 2,33,64,000 new Bonus Equity Shares of Rs.2/- each having paid up value of Rs.4,67,28,000, it had said.
On Thursday, the counter was trading with over 11% gain to Rs 1847.55 per share around 10 am on the BSE.
Established in September 1983, Ratnamani Metals & Tubes Ltd is engaged in manufacturing of tubes & pipes in stainless steel/exotic material and also carbon steel pipes, in wide size ranges, for wide spectrum of applications.