1:1 Bonus Issue: NBFC Who Will Finance Under PM Suryoday Yojana, Turned Ex-Bonus, Hits New 1-Year High

Choice International Ltd, a smallcap stock broking firm, touched a new 52-week high on the day it turned ex-bonus for issuance of 1:1 bonuses. This means the company will issue 1 bonus share on the existing 1 share. In a year, Choice's share price has rallied over 124%. They recently joined hands with Pradhan Mantri Suryoday Yojana, committing about Rs 100 crore for solar financing in Rajasthan.

On BSE, Choice International share price touched a new 52-week high of Rs 301.90 apiece, before ending at Rs 288.75 apiece up by 2.43%. The company has a market value of Rs 5,766.04 crore.

The company turned ex-bonus on February 20 for its bonus issue in the ratio of 1:1. This is also the record date to determine the names of Members who shall be entitled to allotment of bonus equity shares, as to be approved by Members of the Company at the Extra Ordinary General Meeting.

The eligible shareholders will be entitled to allotment of bonus equity shares in the ratio of 1: 1 i.e. 1 (One) new fully paid-up equity share of Rs. 10/- each for every 1 (One) fully paid-up equity share of Rs. 10/- each held by the existing Members of the Company.

Recently, the company announced a significant commitment of Rs. 100 crores towards Solar Financing as part of the Pradhan Mantri Suryoday Yojana. The major announcement was made today in Jaipur, reflecting Choice's dedication to supporting the government's vision of promoting solar energy and sustainable development.

It said, that aligning with the Pradhan Mantri Suryoday Yojana, Choice Finserv Private Limited (CFPL) is set to play a pivotal role in financing rooftop solar projects. The company has been working extensively in the Solar financing space in Rajasthan, Madhya Pradesh, Gujarat, Delhi NCR (including Haryana and Uttar Pradesh), Maharashtra, and more. Rajasthan, with its abundant sunlight, has emerged as a key player in the solar energy landscape.

Also, as per the regulatory filing, the company highlighted that the recently announced Interim Budget 2024 has allocated over Rs 11,500 crore for solar power projects, green hydrogen initiatives, and wind power projects for the fiscal year ending March 2025. The budgetary allocation for solar initiatives has seen a substantial rise to Rs 10,000 crore, marking a 110% increase from the revised estimates of Rs 4,757 crore. Similarly, the budgetary allocation for the National Green Hydrogen Mission has witnessed a fivefold (500%) surge, reaching Rs 600 crore for the fiscal year 2024-25.

According to Choice, this financial boost from the government further strengthens Choice International Limited's commitment to contribute to the renewable energy sector. The company aims to leverage the increased budgetary support to enhance its efforts in promoting solar energy and sustainable development.

Headquartered in Mumbai, Choice Group is a decade-old organization, engaged in providing diversified services on finance, engineering and consulting activities. Choice has its membership and registration with SEBI, RBI, NSE, BSE, MCX, NCDEX, AMFI and depository participants with CDSL & NSDL. An end-to-end financial conglomerate, the group has over the past decade expanded massively to become a holistic financial services firm with ground-breaking technologies and innovative methodologies to serve its clients. Choice is among the top 20 brokers with a pan India presence with over 9.74 lakh+ clients and over 36,000+ trained business associates.