Pharma stock to issue bonus shares in 1:1 ratio

Market


Along with Q4FY22 results, Torrent Pharma said its board has recommended the issue of bonus shares in the ratio of 1:1 i.e. one equity share for each fully paid up equity share held as on record date fixed for the purpose.

The bonus issue of equity shares is subject to the approval of the members through Postal Ballot and any other applicable statutory and regulatory approvals, as may be required. The company will inform in due course the record date for determining entitlement of the shareholders to receive bonus shares.

The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the issue and allotment of such bonus shares.

Further, the board has also recommended to the members a final dividend of Rs. 23/- (460%) per equity share of Rs. 5/- each including the special dividend of Rs. 15/~ per equity share, the pharma company informed in an exchange filing.

Torrent Pharma’s consolidated loss stood at 118 crore for the fourth quarter ended March 2022 on account of impairment provision of 425 crore related to discontinuation of liquids business in the US. The company had reported a net profit of 324 crore in the January-March period of 2020-21 fiscal.

The pharma stock is up more than 7% in a year’s period, whereas it has declined over 10% in 2022 (YTD) so far.

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