Multibagger stock announces 3:1 bonus issue, shares surge
Premium- EKI Energy's board has approved bonus shares issue in the ratio of 3:1
Shares if EKI Energy Services surged nearly 5% in Wednesday's early deals to ₹7,579 apiece on the BSE after the company announced the issuance of bonus equity shares which was considered and approved in its board meet held on Tuesday.
“This is to inform you that the Board of Directors of the Company at its Meeting held on May 17, 2022, inter-alia considered and approved the issuance of Bonus Shares in the ratio of 3:1 (3 shares for every 1 share held)," the company informed in an exchange filing. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
The company will issue 2,06,22,000 bonus shares for a total amount of ₹20,62,20,000 (approximately). The bonus shares will be credited or dispatched on or before July 12, 2022.
Further, the company also added that its board at the meet has given its approval for the increase in its authorised share capital from ₹8 crore to ₹30 crore.
The company posted a multi-fold jump in standalone net profit at ₹383 crore in 2021-22 financial year, mainly on the back of higher revenues. The standalone net profit of the company was at ₹18 crore in the fiscal ended March 2021.
EKI Energy shares have given multibagger return in a year's period by rallying more than 1,635% in a year's period, from ₹432 level in May last year to currently hovering above ₹7,500. However, the multibagger stock is down about 28% in 2022 (YTD) so far. EKI Energy Services Ltd is a premier carbon credit developer and supplier across the globe.
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