Axita Cotton declares 1:3 bonus shares. Details here

Bonus shares 2023: Small-cap company Axita Cotton Ltd has declared bonus shares for its eligible shareholders. The board of directors of the company considered and approved proposal for bonus shares in its meeting held on Thursday. The company board approved bonus shares in 1:3 ratio, which means one bonus share will be rewarded to its eligible shareholders for every three stocks held on bonus share record date, which will be announced later.

Axita Cotton bonus shares 2023

Informing Indian stock market exchanges about issuance of bonus shares, Axita Cotton said, "With reference to the captioned subject and Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 & other applicable SEBI Regulations, we hereby inform that, the Board of Directors, at their meeting held today i.e. Thursday, November 23,2023, have inter-alia: Recommended the issuance of Bonus Equity Shares in the ratio of 1:3 [i.e. 1 (One) Bonus Equity Share of Rs. 1/- each for every 3 (Three) fully paid-up Equity Share held as on record date] subject to the approval of Shareholder. The record date for reckoning eligible shareholders entitled to receive Bonus Shares will be communicated later."

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"The pre-bonus issue paid-up equity share capital as on date of this letter is Rs. 19,56,60,000/- consisting of 19,56,60,000 equity shares of Rs. 1/- each," Axita Cotton said adding, "The post-bonus issue paid up equity share capital will be Rs. 26,08,80,000/- consisting of 26,08,80,000 equity shares of Rs. 1/- each."

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Axita Cotton went on to add that ₹6,52,20,000/- will be utilized from Balance of Free reserves (Retained Earnings) for implementation of this Bonus Issue.

"Within 2 months from the date of approval of Board of Directors," Axita Cotton said while speaking on the estimated date by which such Bonus Shares would be credited/dispatched.

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