LIC-Backed Penny Stock Below Rs 10 Hits 5% Upper Circuit On Allotment of 1:1 Bonus Shares

Integra Essentia's shares began on the BSE on Monday at the 5% upper circuit limit, at Rs 7.11 per share, which is also a new 52-week high. The stock possessed a 52-week low of Rs 2.55 on August 28, 2023, indicating that in just five months, the stock had recovered 178.82% from its one-year low.

The buying trend in the shares of Integra Essentia on Monday was witnessed after the Board of Directors of the company made an allotment of 1:1 bonus shares to its eligible shareholders.

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors at its meeting held today i.e. January 13, 2024 has approved the allotment of 45,70,33,003 Equity Shares of Rs. 1/- each by way of bonus issue to such members whose names have appeared in the Register of Members as on January 11, 2024, being the Record Date fixed for the said purpose, in the proportion of 1 (One) new fully paid-up Equity Share of Rs. 1/- each for every 1 (One) existing fully paid-up Equity Share of Re. 1/- each held by them, (i.e., in the ratio of 1:1)," said Integra Essentia in a stock exchange filing.

"Consequent to said above allotment the issued, subscribed and paid-up equity share capital of the Company would be increased from Rs. 45,70,33,003/- to Rs. 91,40,66,006/-. The new Bonus Equity shares allotted shall rank pari-passu in all respects with the existing Equity Shares in the Company. The requisite compliances with respect to credit of Bonus Equity Shares in the demat accounts of the Shareholders shall be completed in due course," stated Integra Essentia in a regulatory filing.

During Q2FY24, the company reported 20.81% promoters' shareholding, FIIs stake of 1.51%, DIIs stake of 1.08% and public stake of 76.59%. As per the shareholding pattern of Integra Essentia available on BSE for the July to September 2023 quarter, insurance giant LIC held 48,59,916 shares of Integra Essentia which is 1.06 per cent of the total paid-up equity share capital of the company.