NBCC (India) Ltd. on Saturday said its board has approved a 1:2 bonus issue of shares to its shareholders. This bonus issue is subject to approval by shareholders at the forthcoming Annual General Meeting.
The Board of Directors has established Oct 7, 2024, as the record date to determine which shareholders will be eligible for the bonus shares, according to an exchange filing. The announcement follows the board meeting, which took place on Aug. 31, 2024, it said.
The company reported a balance of Rs 1,959 crore in reserves and surplus available for capitalization as of March 31, 2024, according to the audited financial statements. This substantial reserve provides the company with the capacity to issue bonus shares without impacting its operational funds.
The bonus shares are expected to be credited to the accounts of eligible shareholders within two months from the date of the board's approval, with the anticipated date for dispatch or credit being Oct. 31, 2024.
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