4 Bonus Shares For Every 1: Small Cap Stock Up 19% Intraday; Record Date Fixed

Smallcap stock Salasar Techno Engineering Limited on Saturday rallied more than 19 per cent as the company announced the record date for bonus shares distributions to shareholders.

Salasar Techno Engineering is a smallcap company from the sector of industrial products. The stock made an intraday high of Rs 95 on BSE today with 16.53 lakh shares changing hands.

The rally in the stock came after the company announced bonus issuance of equity shares.

According to an exchange filing by the company, its board has fixed February 1 as the record date for the bonus issuance.

"Board of Directors in their meeting held today dated January 18, 2024 has fixed Thursday, February 1, 2024 as the Record Date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1 i.e. 4 (Four) new fully paid-up bonus equity share of Rs.1/- (Rupees One only) each for every 1 (One) existing fully paid-up equity share of Rs.1/- (Rupees One only) held on Record Date subject to the approval of shareholders is being obtained through the postal ballot notice dated December 20, 2023, last date for the remote e-voting of postal ballot will be Saturday, January 20, 2024 (05:00 P.M.)," as per the filing.

The Noida-based company had announced to issue bonus shares in December 2023. The company board also considered increasing the Authorized Share Capital of the company and consequent amendments in the Memorandum and Articles of Association of the company.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing large & heavy steel structures and providing customized steel structures and 360-degree EPC solutions to a diverse range of industries including telecom, power, railways and more.