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

Within the energy industry, Sandur Manganese & Iron Ores Limited is a small-cap company. Tuesday's BSE opening price for Sandur Manganese & Iron Ores shares was higher at Rs 3250. During the morning trade, the shares hit a new 52-week high of Rs 3,258 apiece, marking a gain of 10.03% from the previous close. The spike in stock price occurred after the company's board of directors announced the record date for bonus shares.

Sandur Manganese & Iron Ores Bonus Shares

"Pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015, the Board of Directors of the Company has fixed Friday, 2 February 2024 as the Record Date for the purpose of determining the shareholders and their entitlement for issue and allotment of Bonus Equity 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 by them. The Bonus Equity Shares shall be allotted to the equity shareholders whose names appear in the Register of Members of the Company and in the beneficial records of the Depositories as on the said date," said Sandur Manganese & Iron Ores in a stock exchange filing.

Sandur Manganese & Iron Ores Bonus Shares Requirements

The Sandur Manganese & Iron Ores said in a regulatory filing that this is with reference to the Postal Ballot Notice dated 18 December 2023 issued by The Sandur Manganese & Iron Ores Limited (the Company) for seeking approval of the Members by way of Ordinary Resolution for Issue of Bonus Shares. In this regard, we wish to inform you that Securities and Exchange Board of India (SEBI) vide its Circular No. SEBI/LADNRO/GN/2023/130 dated 23 May 2023 amended the provisions of Chapter XI of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 by inserting Regulation 294(6), wherein the allotment of shares in a Bonus Issue shall be made only in the dematerialized form.

In compliance with the above provisions, the Bonus Shares would be allotted to the shareholders in demat mode only. Accordingly, the shareholders holding the shares in physical mode are requested to provide their demat account number to the Company / Venture Capital and Corporate Investments Private Limited (VCCIPL), RTA, so as to credit the Bonus Shares to the demat account. In this connection, the shareholders holding shares in physical mode are requested to submit the following documents:

Request letter for credit of Bonus Shares in demat account;

Form ISR-1;
Form ISR-2;
Self-attested copy of PAN;
Self-attested copy of Aadhaar / any other Government Issued Address Proof; and
Client Master List duly attested by your Depository Participant.

The said forms can be downloaded from the websites of the Company or RTA by clicking on the links:https://www.sandurgroup.com/others or https://www.vccipl.com/ respectively. You are requested to send the aforesaid documents to the Company/ RTA on or before Wednesday, 31 January 2024. In case of non-receipt of the documents by the Company/ RTA on or before the prescribed date, the respective Bonus Shares shall be credited to a Suspense Escrow Demat Account or shall be dealt with as may be specified by the Stock Exchanges or any other relevant authority. Thereafter, the respective shareholders may claim their Bonus Shares from the said account through the Company/ RTA.

Sandur Manganese & Iron Ores Share Price Target

Sandur Manganese stock price is bearish and also very overbought on the Daily charts with next resistance at 3440. Investors should book profits at current levels as Daily close below support of 3145 could lead to a target of 2770 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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