Penny stock to consider 3:10 bonus shares, scrip tumbles by 9%

With a market valuation of ₹25.03 Cr, Veer Energy Infrastructure Ltd. is a small-cap business that operates in the power industry. The business is a leader in renewable energy in India. The firm announced today that the Board of Directors meeting for the company is set to take place on Thursday, December 1, 2022, to discuss and approve 3:10 bonus shares.

The company said today in a stock exchange filing that “Pursuant to the Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 01st December, 2022 at 4.00 P.M at 29-A Gazdar House, 1st Floor, J.S.S. Marg, Near Kalbadevi Post Office, Mumbai - 400002, to inter alia, consider and approve: 1. Allotment of 34,52,985 Equity Shares in ratio of Rs. 10/- by way of Bonus issue to such members whose names have appeared in Register of Members as on November 25, 2022 being the record date fixed for the said purpose in the proportion of 3 (Three) new fully paid up equity share of Rs. 10/- each for every 10 (Ten) existing fully paid up Equity Share of Rs. 10/- each held by them (i.e. in the Ratio of 3:10); 2. Any other matter with the permission of the Chair.”

For the purpose of determining the eligibility of the shareholders entitled to the issue of bonus equity shares, the Company has set November 25, 2022, as the record date. The shares of Veer Energy & Infrastructure Ltd closed today at ₹21.75 apiece, tumbling by 9.94% from the previous close of ₹24.15. The stock had a total volume of 583,163 shares traded today. An all-time high of 3,052.17% was reached by the stock price, which climbed from ₹0.69 on January 16, 2004, to the current market price. 

The stock has dropped 28.69% over the past five years but has gained 42.16% during the past year. The stock has appreciated 41.88% YTD so far in 2022. On the BSE, the stock had touched a 52-week-high of ₹25.40 on (22/11/2022) and a 52-week-low of ₹9.93 on (08/03/2022), representing that at the current market price the stock is trading 14.37% below the recent 1- year-high and 119.03% above the low.