Multibagger Energy Stock Announces Major Bonus Shares Update; Scrip Up 265% In 1 Year

A small-cap company in the energy sector, Sandur Manganese and Iron Ores Ltd. closed on the BSE on Wednesday with a market valuation of Rs 8,797.69 Cr. Following the announcement of an important update concerning bonus shares by the firm, the stock wrapped up 2.09% higher at Rs 542.95 per share.

"Pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received approval for trading of 13,50,29,115 Bonus Equity Shares of Rs. 10/- each from the Exchanges, on 14 February 2024. The said Bonus Equity Shares are listed and admitted to dealings on the Exchanges from 15 February 2024, as per the letters annexed herewith," said Sandur Manganese and Iron Ores in a stock exchange filing.

"We acknowledge with thanks the receipt of your application and subsequent submissions and have pleasure in advising that effective from Thursday, February 15, 2024 the above-mentioned securities are listed on the Exchange. Please refer our Notice No. 20240214-40 dated February 14, 2024 available on our website issued in this behalf to the Trading Members of the Exchange, for your information, the contents of which may please be checked and confirmed to the Exchange," said the company in a regulatory filing.

"This is with reference to the application for the listing of further issue of 135029115 Equity Shares of Rs.10/-each allotted under Bonus made by the company. We are pleased to inform you that the above equity shares of the Company are listed and admitted to dealings on the Exchange from February 15, 2024.

Please note that all critical/price sensitive information and other submissions under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall be provided by the company through 'NEAPS' NSE Electronic Application Processing System (https://neaps.nseindia.com/NEWLISTINGCORP/), an online filing facility provided by the Exchange, for quicker and efficient processing of your submissions," Sandur Manganese and Iron Ores said in a stock exchange filing.

The company was granted in-principle approval on January 23, 2024, for the proposed issuance and allotment of 13,50,29,115 equity shares at a value of Rs. 10 each as bonus shares. This represents a ratio of 5:1, meaning that for every 1 fully paid-up equity share currently held in the company, there will be 5 new fully paid-up equity shares at a value of Rs. 10 each.

The company's Board of Directors had fixed Friday, February 2, 2024, as the record date in order to determine the shareholders and their eligibility for bonus equity shares which have been issued and allocated in a 5:1 ratio.
Among Dalal Street's multibagger stocks are Sandur Manganese and Iron Ores, which have gone up by 265% in the last year and 103.29% in the previous six months. The share grew to 18.10% year to date (YTD) so far in 2024. The scrip reached a 52-week-high of Rs 613.45 on (05/02/2024) and a 52-week-low of Rs 142.32 on (15/02/2023).