Multibagger realty stock hits fresh high, as Board approves 3:1 bonus shares

With a market valuation of ₹160.21 Cr, Modis Navnirman Ltd. is a small cap company that operates in the real estate industry. The company has real estate as part of its portfolio, and it has become one of the most valued developers in the nation. The firm has more than 25 years of expertise in its industry. Existing shareholders and potential buyers should be aware that the Board of Directors announced the record date for the 3:1 bonus shares during their meeting held today, October 26, 2022.

The company has said in a stock exchange filing that “In compliance with Regulation 42(2) & (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Company has fixed Friday, October 28th, 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the proportion of 3 (Three) fully paid-up equity shares for every 1 (One) existing fully paid-up equity share held subject to the approval of shareholders which is being obtained through Postal Ballot process. The Postal Ballot voting will end on Friday, November 04th, 2022 and the voting result will be announced latest by Saturday, November 5th, 2022.”

The shares of Modi's Navnirman Ltd touched a fresh 52-week-high on Tuesday, closing at ₹378.75 apiece level, up by 0.95% from the previous close of ₹375.20. In its last trading session, the stock recorded a total volume of 800 shares compared to the 20-Day average volume of 268,968 shares. Modi's Navnirman Ltd IPO was opened on June 23, 2022 and it got listed on July 6, 2022. On a YTD basis, the stock price has risen from ₹188.95 to the current market price, which logs in a multibagger return of 100.45% so far in 2022. In the last 1 month, the stock has gained 24.18% and in the last 5 trading sessions, the stock has gained 13.74%. For the quarter that ended September or Q2FY23, the company reported a promoter shareholding of 70.20% and a public shareholding of 29.80%. The promotor shareholding was 99.98% in the June quarter or Q1FY23.