10% Dividend Ahead: Pharma Stock Allots 52,52,190 Shares To Non-Promoters At An Issue Price of Rs. 26.1

After the company announced that the Board of Directors of Sigachi Industries Limited at its meeting held today, Friday, August 30, 2024, at 11:30 AM, had considered and approved the allotment of 52,52,190 equity shares of Re. 1/- each to non-promoters at an issue price of Rs. 26.1/- per share upon conversion of 52,52,190 (pre-split - 5,25,219) warrants into equity shares, the small-cap pharmaceutical stock Sigachi Industries was up 1.17% at Rs. 60.31 apiece.

"Members may note that the Board of Directors, in its meeting held on May 27, 2024 has recommended a dividend of Re. 1/- per share for fiscal year 2023-24. The record date for the purpose of dividend will be August 28,2024. The dividend, once approved by the members in the ensuing AGM will be paid within 30 days from the date of AGM, electronically through various online transfer modes to those members who have updated their bank account details. For members who have not updated their bank account details, dividend warrants / demand drafts / cheques will be sent out to their registered addresses. To avoid delay in receiving the dividend, members are requested to update their KYC with their depositories (where shares are held in dematerialized mode) and with the Company's Registrar and Transfer Agent (RTA) (where shares are held in physical mode) to receive the dividend directly into their bank account on the pay-out date," Sigachi Industries in said in a regulatory filing.

"This is to inform the Exchanges that the record date/cut off date is 28.08.2024 and Register of Members and Share Transfer Books of the Company shall remain closed from 29.08.2024 to 04.09.2024 (both days inclusive) for the purpose of Dividend and 35th Annual General Meeting," the company informed to stock exchanges.

"The Directors are pleased to recommend a Dividend of 10% i.e., Re. 0.10/- per equity share on the Paid-up Equity Share Capital of the Company for the financial year 2023-24. The total outgo on account of dividend, stands at Rs 3,28,19,498 /- for which necessary provision has been made in the accounts," said Sigachi Industries in a stock exchange filing.

The new product lines PureCoat and UltraMod, which are fresh pharmaceutical film coatings and polymer blends, respectively, have been launched by Sigachi Industries. These innovative approaches have the potential to completely change the coatings market by improving medication administration, patient adherence, and overall product effectiveness. Sigachi's debut into the coatings business is ideally positioned to take advantage of the sector's development prospects. The company's cutting-edge production facilities and in-depth knowledge of pharmaceutical formulations allow it to produce excellent products that adapt to changing market demands.

Sigachi Industries Limited is a well-known pharmaceutical firm with a global reputation for providing high-quality excipients, vitamin mineral nutrition blends, APIs, and operations and maintenance services. It is publicly listed on the NSE and BSE. Sigachi has established itself as a reliable partner for pharmaceutical and nutraceutical firms operating in more than 62 countries, thanks to its extensive 33-year industry expertise.