Shares of Ratnamani Metals and Tubes Ltd jumped to hit a 52-week high level of ₹1,920 apiece on the BSE in Thursday’s early deals as the stock started trading ex-bonus, a day ahead of its record date for the bonus shares issue. The board of the company last month has considered and recommended a bonus issue in the ratio of 1:2 i.e. One new bonus Equity Share of Rs.2/- each for every Two existing fully paid up Equity Shares of Rs.2/- each, subject to approval by the members and any other applicable statutory and regulatory approvals through postal ballot. Further, the bonus shares will be credited to those members who are holding the equity shares as on a record date Friday, July 1, 2022, the company had informed. The Bonus Shares will be issued out of Securities Premium Reserve, Free Reserves, Retained Earnings available as at March 31, 2022. The Bonus shares will be credited/dispatched within 2 months from the date of board approval i.e. latest by July 17, 2022, it had said. “The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted,” the company added. Further, the company’s board had also recommended a dividend of ₹14 per Equity Share (i.e. @ 700%) on 4,67,28,000 Equity Shares of ₹2 each (pre-bonus) to the members, which translates into dividend of ₹9.33 per equity share, having face value of ₹2/- each (post-bonus), for the financial year ended on March 31, 2022.
Ratnamani’s production plants are located in Gujarat, India, in Chhatral & Indrad (near Ahmedabad) and Bhimasar (near Gandhidham, Kutch). The production and testing resources of the company manufacture an extensive range of Nickel Alloy / Stainless Steel Seamless Tubes and Pipes, Stainless Steel Welded Tubes and Pipes, Titanium Welded Tubes, Carbon Steel Welded Pipes, and Stainless Steel / Carbon Steel Pipes.
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