Shares of Sandur Manganese & Iron Ores Ltd. hit an all-time high and were locked in an upper circuit on Monday after its board of directors approved the issue of bonus shares to the equity shareholders.
The manganese-ore miner will issue five new fully paid-up equity shares of Rs 10 each for every existing fully paid-up equity share of Rs 10 each held by the eligible shareholders as on the record date, according to an exchange filing of the board meeting.
It is subject to the shareholders' approval. The company has also increased its authorised share capital to Rs 200 crore from Rs 115 crore.
Sandur's stock rose as much as its 10% to Rs 2,544.95 apiece on the NSE compared to a 0.14% decline in the benchmark Nifty 50 as of 1:40 p.m.
The total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 83.76, indicating that the stock may be overbought.
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