Penny Stock Below Rs 10 Okays Record Date For 1% Dividend

Akshar Spintex is a small-cap company in the textile sector with a market cap of Rs 140 Cr as of Friday's closing session. The shares ended 3.30% higher at Rs 5.63 apiece after the company declared a record date for Rs 1 per share dividend.

"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed 4th January, 2024as the Record Date for the purpose of payment of Interim Dividend, as declared by the Board of Directors in their meeting held on 22nd December, 2023 Note: In previous intimation there was a clerical mistake in record date, It is now revised and filed again with correct record date," said Akshar Spintex in a stock exchange filing.

"The board has discussed & decided to declare an Interim Dividend @ 1% i.e., 1.00 /- paisa per Equity Share of face value of Rs. 1.00 /‐each for the Financial Year 2023-2024. The record date for the purpose of payment of Interim Dividend is fixed as 04th January 2023. The said interim dividend will be paid within 30 days from the date of declaration as per the provisions of Companies Act, 2013 to those shareholders whose names appear in the Register of Members/ Beneficial Owners of the Company as on the Record Date i.e. 04th January 2023," said Akshar Spintex in a regulatory filing.

The company's Board of Directors met in due course on Friday, December 22, 2023, they discussed and recommended a bonus issue in a ratio of 1:5, or one new bonus equity share for every five already-existing, fully paid-up equity shares of Rs 1/-each, subject to the members of the company's approval. 4,99,98,000 equity shares of Rs. 1/- each fully paid up are the total number of securities proposed to be issued as a part of the bonus issue.