Shares of jewelry stores company Veerkrupa Jewellers were up around 5 per cent on the back of board announcing bonus and split together. According to an exchange filing, the board has declared a 2:3 bonus issue of shares and 1:10 split.
It means that the company will issue 2 bonus shares to shareholders for every 3 shares. Apart from this, the company will split each share having Rs 10 into 10 shares. Once the split comes into effect, the new face value would be Re 1.
"The board has considered and approved issue of Bonus Shares in the ratio of 2 bonus shares for every 3 existing shares to the shareholders and has also approved Split of nominal value of 1 (one) equity share of Rs. 10/- (Rupees Ten) each into 10 (Ten) equity shares of Rs. 1/- (Rupees One) each subject to necessary permissions and approvals," Veerkrupa Jewellers said in the filing.
ALSO READ: TikTok fires all Indian employees after three years with assured 9 months severance
The company has not announced the record date for determining the eligibility of shareholders for receiving the benefits of bonus and split. The filing said that it would inform about the record date later.
The debt-free company in 2022 reported an annual revenue increase of 164.7 per cent to Rs 12.3 crore.
Veerkrupa Jewellers shares have delivered multibagger returns to its investors. The stock has zoomed a whopping 428 per cent since listing on BSE in July 2022. YTD, it has gained 60 per cent. The stock's 52-week range is Rs 136.15 - Rs 24.40.
