This NBFC declared bonus shares, stock split. Check details

This NBFC declared bonus shares, stock split. Check details

Standard Capital Market Ltd has announced corporate actions for its equity shares. The shadow lender has announced sub-division and split of its equity shares. The company was informed about the board’s decision through an exchange filing on Friday after the market hours.

The company board of Standard Capital Markets has approved the sub-division of equity shares in a 1:10 ratio. It means that every share of the company with a face value of Rs 10 each will be split into 10 equity shares with a face value of Re 1 each as on the record date.

Subsequent to the stock split, the company board also approved bonus issues in a 2:1 ratio. It means that an eligible investor holding one share of the company with a face value of Re 1 each shall be given two bonus shares with a face value of Re 1 each as on the record date.

Shares of Standard Capital Markets settled at Rs 55.57 on Friday, falling 2 per cent for the day. The stock has gained 750 per cent from its 52-week low at Rs 6.53, hit a year ago, but the stock is also down 42 per cent from its 52-week high at Rs 96 apiece hit in May this year.

The company board has also approved the amendment in authorised share capital and issued, paid-up and subscribed capital of the company. The aforementioned corporate action is likely to be completed within a span of two-months from the date of board approval.

However, subject to the approval of members of the Company by extraordinary general meeting (EGM). The EGM of the company is scheduled to be held on Monday, December 18, 2023 at 12.30 pm. through video conferencing and other audio visual means (OAVM), said the company in a separate exchange filing.

Incorporated in 1987, Standard Capital Markets Ltd is in the business of non-banking financial activities. The company provides a range of financial services, including secured and unsecured loans to individuals and MSMEs; dealing in securities/shares of companies, bonds and units investment in stock markets.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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