This stock hit 5% upper circuit as Board declares 13:10 bonus share, stock split

Market


Vinny Overseas Limited is a small-cap firm that operates in the textile sector with a market value of 189 Cr. In its meeting conducted today, January 16, 2023, the Board of Directors of the Company approved a 13:10 bonus shares and stock split.

The company said in a stock exchange filing that its Board of Directors has “1. Considered, approved and recommended an alteration in the capital of the company by split/sub-division of equity share of the company from Rs. 10/- per share to Re 1/- per share. The Record Date for such sub- division/split of equity shares will be intimated in due course. 2. Considered, approved and recommended an increase in authorised share capital from Rs. 12,50,00,000/- (Rupees twelve crore fifty lakhs only)to 25,00,00,000 (Rupees twenty five crore only). 3. Considered, approved and recommended the issue of Bonus equity shares in the ratio of 13:10 i.e., 13 (Thirteen) Bonus Equity share of Rs.1/- each (post considering the split of shares subject to the approval of the Members)for every 10 (ten) fully paid equity shares held as on Record Date, by the shareholder, subject to the approval of the Members of the Company in the Extra Ordinary General Meeting.”

The company also informed stock exchanges by saying that the pre-bonus paid-up equity share capital as on the date of this letter is Rs. 10,11,40,570/- consisting of 1,01,14,057 equity shares of Rs.10/- each. The post-bonus paid-up equity share capital is expected to be around Rs. 23,26,23,311/- consisting of 23,26,23,311 equity shares of Rs. 1/-each. (post considering the split of shares subject to shareholders approval). The post-bonus paid-up equity share capital is expected to be around Rs. 23,26,23,311/- consisting of 23262331 equity shares of Rs. 10/-each (Pre split).

On the NSE, the stock closed today at a 5% upper circuit limit of 187.55 apiece level. The stock recorded a total volume of 25,661 shares compared to the 20-Day average volume of 26,038 shares. Vinny Overseas is an SME IPO stock that got listed on 28-November-2022 and since then it has rallied 525.17% marking an all-time high. It has appreciated 27.37% YTD so far in 2023.


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