Energy Stock Gets In-principle Approval For 5:1 Bonus Shares: Do You Own?

The Sandur Manganese & Iron Ores, a small-cap company in the energy sector ended Tuesday's closing session at a market cap of Rs 8,340.88 Cr on the BSE. The energy stock reached a fresh 52-week-high at Rs 3,258 during the session and ended with an upside gap of 4.28% at Rs 3088.55. The rally in the stock price was witnessed after the company got in-principal approval for bonus shares.

Sandur Manganese & Iron Ores Bonus Shares

"Pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) "SEBI (LODR)" Regulations, 2015, we wish to inform you that the Company has received In-principle Approval for issue and proposed allotment of 13,50,29,115 Equity Shares of Rs.10/- each as Bonus Shares in the ratio of 5:1 i.e., 5 (Five) new fully paid-up Equity Shares of Rs 10/- each for every 1 (One) existing fully paid-up Equity Share of Rs 10/- each held in the Company, in terms of Regulation 28(1) of SEBI (LODR) Regulations, 2015, on 23 January 2024," said the company in a stock exchange filing.

Sandur Manganese & Iron Ores Bonus Shares Requirements

The company said in a regulatory filing that we acknowledge receipt of your application regarding in-principle approval for issue and allotment of proposed Bonus equity shares to the shareholders in terms of Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. In this regard, the Exchange is pleased to grant in-principle approval for issue and proposed allotment of not exceeding 13,50,29,115 Bonus equity shares of Rs. 10/-each in the ratio of 5 (Five) new equity share for every 1 (one) existing equity shares held in the Company subject to the company fulfilling the following conditions:

• Submission of listing application form for the new securities to be allotted and documents as per Format available on the website of BSE Ltd. under following link http://www. bseindia .corn/static/ about/ downloads.aspx
• Payment of Additional listing fees on the enhanced capital, if applicable.
• Receipt of statutory and other approvals and compliance with guidelines issued by the statutory authorities including SEBI, RBI, MCA etc.
• Compliance with any change in the guidelines, regulations directions of the Exchange or any statutory authorities, documentary requirements from time to time.
• Compliance with all conditions of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 as on date of listing.
• Compliance with the Companies Act, 2013 and other applicable laws.
• Allotment of Equity Shares shall only be made in dematerialized form.

In addition to above, the company should note that as per Schedule XIX -Para (2) of ICDR Regulations and as specified in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019, "the issuer or the issuing company, as the case may be, shall, make an application for listing, within twenty days from the date of allotment, to one or more recognized stock exchange(s)" along with the documents specified by stock exchange(s) from time to time. Any Non-compliance with the above requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019.

The Exchange reserves its right to withdraw its in-principle approval at any later stage if the information submitted to the Exchange is found to be incomplete/incorrect/misleading/false/or for any contravention of Rules, Bye-laws and Regulations of the Exchange.

This approval is valid up to the time specified in 295(1) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and any non-compliance with the said requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019.

Sandur Manganese & Iron Ores Bonus Shares Guidelines

The Board of Directors of Sandur Manganese & Iron Ores said in a regulatory filing on Tuesday that We are in receipt of your application regarding in - principle approval for issue and proposed allotment of bonus equity shares in terms of Regulation 28(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In this regard, the Exchange is pleased to grant in-principle approval only for issue and proposed allotment of 135029115 Equity shares of Rs.10/- each as bonus share in the ratio of 5 new equity share for every 1 existing equity share held in the Company subject to the Company fulfilling the following conditions:

• Filing the listing application at the earliest from the date of allotment.
• Receipt of statutory and other approvals and compliance of guidelines / regulations issued by the statutory authorities including SEBI, RBI, MCA, etc.
• Compliance with all the guidelines, regulations, directions of the Exchange or any statutory authorities, documentary requirements from time to time.
• Compliance of all conditions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on date of listing, Compliance to the Companies Act, 1956 / Companies Act, 2013 and other applicable laws.

Energy Stock Hits 52W-High On Fixing Record Date For 5:1 Bonus Shares: Buy?

Submissions of documents as given in the further issue brochure (available on website www.nseindia.com).

The Exchange reserves its right to withdraw its in-principle approval at a later stage if the information submitted to the Exchange is found to be incomplete/incorrect/misleading/false or in contravention of any Rules, Bye-laws and Regulations of the Exchange, as per the SEBI (LODR) Regulations, 2015, Guidelines/ Regulations issued by statutory authorities, etc.