Penny Stock Below Rs 2 Okays Special Dividend, Record Date Fixed; Issues Preferential Issue of 26 Cr

A micro-cap NBFC company named Standard Capital Markets has announced a preferential offer of 26 Cr shares and a 1% dividend. With a market valuation of Rs 277 Cr, the firm has been one of Dalal Street's multibagger penny stocks in recent times. The share price has gone up by 955.56% over the previous six months and by 555.17% over the last year.

The Board of Directors of Standard Capital Markets Limited at their meeting held today i.e., April 30, has considered and approved "Preferential Issue of 26,00,00,000 Equity Shares of face value of Re. 1/- each towards the conversion of outstanding unsecured loans, for an aggregate loan amount of Rs.70,72,00,000/- at an issue price of Rs. 2.72/- each, as per the applicable laws, subject to the approval of members of the Company."

The Board also approved the "Declaration of special dividend as an interim dividend of 1% or Rs .01 on face value of Rs 1/- each per equity share for the financial year 2023-24. Further, it is to inform that Friday, May 10, 2024 shall be reckoned as the "Record Date" for the purpose of determining the entitlement of shareholders for payment of Interim Dividend. The payment shall be paid within 30 days from the date of declaration," said Standard Capital Markets in a regulatory filing.

Standard Capital Markets informed to the stock exchanges that its Board of Directors approved to "Increase in the Authorized Share Capital of the Company from Rs.150,00,00,000/- (Rupees One Hundred Fifty Crores Only) divided into 150,00,00,000 Equity Shares of Re.1/- each to Rs. 200,00,00,000/- (Rupees Two Hundred Crore Only) divided into 200,00,00,000 Equity Shares of Re.1/- each and consequent alteration in Capital Clause of Memorandum of Association of the Company, subject to the approval of members of the Company."

As a Non-deposit-accepting NBFC, Standard Capital Markets Limited offers a variety of financial services, such as providing loans and trading in securities, bonds, and stock market units. The firm initially opened its doors on February 19, 1987, and it went public on March 29, 1995. As of March 21, 2003, the company is registered with the Reserve Bank of India under the registration number 14.02891, designating it as an NBFC.