106% Gain From 52W Low, Penny Stock Below Rs 5 Declares 1:3 Bonus Shares

A microcap firm operating in the consumer discretionary industry is Gradiente Infotainment Ltd. The company's service offerings include event management, television movies and shows, and advertising. The Sharp Corporation, Canon, Nissan Motors Co. LtdThe Diners Club of Japan, Fuji, Mitsubishi Electric, Ricoh, and Sony Corporation were among the international clients that Gradiente served.

"The Board considered, approved and recommended a bonus issue of 1 (one) equity share for every 3 (three) equity shares held by the Shareholders of the Company as on the record date. The bonus issue of equity shares will be subject to approval by the Shareholders, and any other applicable statutory and regulatory approvals.

The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted," said Gradiente Infotainment in a stock exchange filing.

"In view of the Issue of Bonus Shares, the Board of Directors have approved and recommended the increase in Authorised Share Capital of the Company from the existing Authorised Share Capital of Rs.42,00,00,000/- (Rupees Forty Two Crores Only) divided into 4,20,00,000 (Four Crores Twenty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each to Rs. 55,00,00,000/- (Rupees Fifty Five Crores Only) divided into 5,50,00,000 (Five Crore Fifty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each and Consequential Alteration in the Capital Clause of the Memorandum of Association, subject to shareholders' approval," said Gradiente Infotainment in a BSE filing.

The proposal to sell its 9,000 equity shares in Omnistar Advertising Private Limited to the company's promoters, Mr. Vineet Raj Mathur of 8,000 equity shares and Mr. Sudheep Raj Mathur of 1,000 equity shares, for a total consideration of INR 90,000/-, has also been approved by the board of directors of the company.

The last traded price of Rs Gradiente Infotainment at Rs 4.88 apiece was recorded on 21st July 2023 as per BSE. The stock made a 52-week-high of Rs 9.68 on (14/12/2022) and a 52-week-low of Rs 2.36 on (22/07/2022), indicating that at the current market price the stock is trading 106.77% above the 1 year low and 49.58% below the 1 year high. During Q1FY24, the company recorded promoters shareholding of 24.96% and public stake of 75.04%.