Shares of rallied nearly 6% to day’s high of Rs 123.7 on Tuesday after the company’s board approved the bonus share issue. The civil construction company’s board at its meeting held today approved the issuance of bonus shares in the proportion of 1:1, suggesting investors will be entitled to 1 additional share for every single share held by them as of the record date.
“The bonus issue of equity shares in the proportion of 1 equity share of Rs 10 each for every 1 share of Rs 10 each held by the shareholders of the company as on the record date to be fixed by the board, subject to the approval of shareholders through postal ballot”, said the company in the filing with the exchanges.
The record date for determining shareholders’ eligibility for bonus shares shall be fixed by the board in due time.
As part of the bonus share issuance, the company will be issuing 2.90 crore equity shares carrying a face value of Rs 10. Further, the company clarified that the bonus share issuance shall be out of the share premium account.
Shares of GPT Infra have yielded multibagger returns for investors. The company’s stock has rallied 222% in the last three years while its year-to-date run-up is to the tune of 51%.
GPT Infra is a smallcap company commanding a market capitalization of Rs 348.60 crore. The company is engaged in offering transport infra, industrial infra and also builds bridges, elevated metro structures and concrete pavements for airports.
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