Gaining 335% YTD, this smallcap stock announces 1:1 bonus issue

“The board of directors recommended the bonus issue of equity shares in the ratio of 1:1 i.e.1 fully paid up equity share for every 1 equity share held to the shareholders of the company as on record date as may be determined by the board of director(s), subject to the approval of the shareholders through Postal Ballot,” said the company’s filing with the exchange.

“The board of directors duly constituted a committee to be called “Bonus Allotment Committee” consisting of Mr. Nelson Fernandes, Managing Director and Mr. Ivor Desouza, Director of the Company, for the purpose of overseeing the conduct of the postal ballot process and other connected matters till the completion of the bonus issue process,” added the filing.

Subsequent to the announcement of the bonus share issue, shares of the company registered heavy trading volumes. Consequently, the stock ticked a new 52-week high of Rs 411.65 apiece.

Evans Electric is a multibagger stock, rallying sharply in a year’s time by as much as 413%.

Promoters hold a 59.44% stake in the firm, while the rest is held by public shareholders.

Incorporated in 1951, Evans Electric offers electro-mechanical servicing as well as repairs. Commanding a m-cap of Rs 54 crore, the company specialises in precise reverse engineering, diagnostics and in-depth analysis of design, operation and performance.