Shanti Educational Initiatives Ltd.'s share price jumped nearly 5% after the company announced its board will consider the proposal for issue of bonus equity shares to the shareholders. The board meeting is scheduled to be held on Dec. 14, according to an exchange filing.
The board will decide the ratio of bonus issue as well as the ex and record date to determine the eligibility of shareholders.
Bonus shares are an effective way for companies to reward their shareholders, improve liquidity, and maintain financial flexibility. To qualify for the bonus issue, investors must acquire shares at least one day before the record date.
As per the shareholding data available with the BSE, promoters have 64.46% shareholding each in Shanti Educational Initiatives. Retail investors own 0.81% stake in the company.
In 2022, the company carried out a stock split in a 10:1 ratio.
Shanti Educational Initiatives is engaged in the business of providing education services and related activities. It is a venture of Chiripal Group based in Ahmedabad.
The stock jumped as much as 4.9% intraday to Rs 185.5 apiece and was trading around that level on 3:23 p.m. The share price has gained 179% in the last 12 months.
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