2:1 In Bonus Shares: Record Date In Due Course On 15th March; Buy the FMCG Stock?

As of Tuesday's closing session, MK Proteins Ltd., a small-cap company in the FMCG industry, has a market valuation of Rs. 545.04 Cr. Following the announcement of a significant update about bonus shares, the stock closed yesterday on the BSE at a 5% upper circuit limit of Rs 43.56 per share. The company is an edible oil manufacturing and distribution company with an edible oil production and refining facility. M.K. Proteins is a subsidiary of the 1958-founded Shree Ganesh Fats Group. M.K. Proteins has been a significant player in North India's edible oil sector since its founding in 2012. With a daily refining capacity of 250 tonnes, M.K. Proteins Ltd. is a leading producer of vegetable refined oils.

MK Proteins Bonus Shares

"In terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) 2015 and pursuant to the shareholders' approval obtained through postal ballot on March 03, 2024, we wish to inform you that the Company has fixed Friday, 15th March 2024 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders entitlement of Bonus Equity Shares of the Company in the ratio of 2:1 i.e. 2 (Two) Equity Shares for every 1 (One) Equity Shares having a face value of Re. 1/-," said MK Proteins in a regulatory filing,

MK Proteins Stock Split News

During the quarter ended 31st December 2023, the shareholders of the company through postal ballot on 25th October, 2023 approved the sub-division of face value of the Equity Shares of the company from Rs. 10/- to Rs. 1/-. Accordingly, the holder(s) of the equity shares of the company have received "10" equity shares of face value of Rs. 1/- each in lieu of "1" equity share of face value of Rs. 10/- each and accordingly the number of equity shares in the paid up equity capital of the Company has been changed from the 10th November, 2023 onwards, according to the company.

MK Proteins Share Price Target

MK Proteins is slightly bearish on the Daily charts with strong resistance at 48.7. A daily close above this resistance could lead to a target of 66. Strong support will be at 38.9, said AR Ramachandran from Tips2trades.

Disclaimer

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