“The board of directors has recommended the issue of bonus shares to the shareholders of the company in the ratio of 1:2 i.e. one new fully paid-up equity share of Rs 1 for every two existing shares to eligible members. Record date,” the company said.
The company has proposed to issue 90 crore shares as bonus shares.
“The free reserve of Rs 90 crore will be utilized for the issue of bonus shares,” NBCC said.
This is subject to the approval of the shareholders at the forthcoming Annual General Meeting.
The Board has fixed October 7, 2024 as the record date for determining the eligibility of members to receive bonus shares.
NBCC said it has reserves for capitalization and surplus of Rs. 1,959 crore is the balance.
“The decision to recommend the bonus issue is a testament to the strong performance and sound financial position of NBCC India Limited,” said KP Mahadevaswamy, CMD of the company.
The company has also achieved highest ever turnover, business development and profit for the financial year 2023-2024, he added.
“This initiative aims to enhance shareholder value and demonstrates our dedication to investors. We believe this initiative will further strengthen the confidence of our shareholders and reflects our ongoing commitment to create value,” Mahadevaswamy said.
NBCC (India) last announced bonus in 2017 in the ratio of 1:2.
“NBCC with its strong order book of over Rs 81,300 crore and strategic focus on redevelopment, PSU land monetization, real estate development, overseas expansion and PMC functions, is well positioned to contribute to a developed India,” he said.
NBCC is mainly into project management consultancy (PMC) and real estate business.
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