High Promoter Holding Stock Hit 5% Lower Circuit On 1:1 Bonus Share Announcement

Advance Lifestyles is a micro-cap company dealing in the consumer discretionary sector. The corporation deals in both real estate and personal property in addition to the textile industry. On Friday, September 8, 2023, the Board of Directors of Advance Lifestyles Limited met, and bonus shares were announced in a 1:1 ratio.

"The Board of Directors recommended the Bonus Issue of Equity Shares in the ratio of 1:1 [i.e. 1 (One) fully paid up equity share for every 1 (One) equity share held to the shareholders of the Company as on Record Date as may be determined by the board of director(s), subject to the approval of the shareholders in AGM," said Advance Lifestyles in a stock exchange filing.

On Friday the shares of Advance Lifestyles opened on the BSE at Rs 77.50 and traded between an intraday high and low of Rs 77.50 to Rs 73.25 respectively. The stock closed the day on a lower circuit limit at Rs 73.25 down by 4.87% from the previous close of Rs 77.00.

The stock made a 52-week-high of Rs 113.00 on (27/01/2023) and a 52-week-low of Rs 31.50 on (30/11/2022), indicating that at the current market price, the stock is trading 35.17% below the 1-year high and 132.53% above the 1 year low.

During Q1FY24, the company recorded promoters shareholding of 75.00%, DIIs stake of 0.01% and public stake of 24.99%. The promoters stake in Advance Lifestyles at the current level is much higher than its peers such as Gloster Ltd, Cheviot Company, AI Champdany Industries, Ludlow Jute & Specialities and Rajvir Industries.