Multibagger stock fixes record date for 9:1 bonus shares, 1:10 stock split

Market


Multibagger stock: Alstone Textiles shares are one of the multibagger stock of Indian stock market that has been in news for hitting upper circuit on a regular basis. However, the stock is now going to hit headlines for another reason. The board of directors of the small-cap company has approved and declared bonus shares in 9:1 ratio and stock split in 1:10 ratio. This means, the small-cap company’s board has approved 9 bonus shares for each share held by the shareholder on record date of bonus shares and its existing one share would be subdivided into 10 shares. The company board has fixed record date for issuance of bonus shares and stock subdivision on 3rd December 2022.

This means an eligible investor would get 10 equity shares with a face value of Re 1 each of the company for every one share with a face value of 10 held by them, and the cherry on top will be 9 Bonus share of face value 1 on each share after the split.

The small-cap company informed Indian stock market exchange about the bonus shares and stock split approval citing, “The Board of Directors in their meeting held today i.e. 10th November, 2022 which commenced at 03:OO P.M. and concluded at 03:20 P.M. inter-alia considered and approved the following: 1. Approval for stock split (sub-division of equity shares) of Company’s 1 (One) equity share of face value of 10 /- each into 10 (Ten) equity shares of face value of Re. 11- each, subject to the approval of shareholders and other approvals as may be required. In this respect the record date shall be decided by the board and will be intimated to exchange.”

The small-cap company went on to inform that the company board has approved issuance of bonus shares of equity shares in the proportion of 9 equity shares of face value Re 1 each for every one equity share of Re 1 held by the shareholders of the company as on the record date, subject to the approval of shareholders i.e. in compliance with the applicable laws.

In Q2FY23, the small-cap company reported outstanding quarterly numbers clocking 8 crore in the recent quarter. The company’s next quarter is also expected to be as good as its current quarter, due to the ongoing business of the company in the foreign and domestic textiles market.

Alstone Textile share price

As mentioned above, Alstone Textiles share price has been climbing to its record highs hitting upper circuit on a regular basis. This small-cap stock has delivered over 1300 per cent return to its shareholders in year-to-date (YTD) time as it has surged from around 15.75 to 224.30 apiece levels in this time. It ended on Thursday with a market cap of 285 crore and its trade volume on Thursday was around 1.13 lakh.

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