Godfrey Phillips India Ltd. will be on the market radar on Monday as it marks the last session for investors to buy shares to qualify for the bonus issue of shares ahead of the record date.
The company will give two free bonus equity shares of face value of Rs 2 each for every one fully paid-up equity share held. The total number of bonus equity shares to be given is 10,39,87,840.
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The record date for determining the eligible shareholders to receive bonus equity shares is Tuesday, Sept. 16.
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Only those investors who hold Godfrey Phillips India shares in their demat account as of this record date will be eligible for the bonus allotment.
Under India's T+1 settlement cycle, investors must buy the shares at least one trading day before the record date to be eligible. This means that purchases made on the record date itself will not reflect in the demat account in time.
The Godfrey Phillips India bonus shares will be allotted within 15 business days from the record date. Shareholders are notified of the credit through the depository firm. The bonus shares will be open to trade from the next session.
A bonus issue is the distribution of free shares to eligible shareholders. The share price adjusts in the ratio of the bonus allotment at the ex-date. However, this does not affect the overall value of holdings.
Godfrey Phillips India's issued, subscribed, and paid-up capital will increase from Rs 10.4 crore to Rs 31.2 crore following the bonus issue, according to an exchange filing.
Foreign institutions own a 3.85% stake in Godfrey Phillips India, and nearly 60,000 retail investors holding nominal share capital up to Rs 2 lakh have a combined equity stake of 9.76% as of June, according to BSE shareholding data.
Godfrey Phillips India is the country's second-largest cigarette maker after ITC Ltd. It markets under many brands, including Four Square, Red & White, Cavanders, Stellar, Focus, Originals International, and others. The company also manufactures and distributes the global cigarette brand, Marlboro, in India under an arrangement with Philip Morris.
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