With high promoter & FII holdings, this stock sets record date for bonus shares

Market


With a market valuation of 1,954.32 crore, Insecticides India Ltd (IIL) is a small-cap company that operates in the commodity industry. Insecticides (India) is among the leading brands in the crop protection business. Insecticides (India) manufactures all forms of insecticides, weedicides, fungicides, and PGRs for all types of crops and domestic usage today with more than 100 formulation items and 15 technological products. Agrochemicals, household pesticides, and biological products are among IIL’s more than 100 product categories in the brand industry. The company’s board of directors has announced the record date for the purpose of bonus equity shares with a 1:2 ratio.

The company has said today in a regulatory filing that “With reference to our letter No. IILlSE/2022/200811 dated August 20, 2022 wherein, we had intimated that the Board has recommended to issue of bonus equity shares in the ratio of 1:2, i.e. 1 (One) equity share of 10/- each for every 2 (Two) fully paid-up equity share of 10/- each held, subject to approval by the shareholders and any other regulatory approvals. Now we wish to inform you that, pursuant to Regulation 42 of the SEBI Listing Regulations, 2015, the Company has fixed Monday, October 03, 2022 as the ‘Record Date’ for the purpose of determining the members, eligible for the issue of bonus equity shares of the Company.”

For the quarter ended June 2022, the company recorded a promoter holding of 72.16%, FIIs holdings of 6.66%, DIIs holdings of 10.98% and public shareholdings of 10.20%. The shareholdings of the promoter and Foreign Institutional Investors (FIIs) were at their highest level since September 2019. The shares of Insecticides India Ltd closed on Friday at 985.05 apiece, down by 1.00% from the previous close of 995. In the last 1 year, the stock has gained 39.00% and on a YTD basis, the stock has gained 37.17% so far in 2022. When compared to its competitors, such as Astec Lifesciences Ltd, Rallis India, Bharat Rasayan, Sumitomo Chemical India Ltd, and PI Industries, the stock is undervalued with a P/B ratio of 2.23 and a P/E ratio of 17.57.

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