Penny Stock Below Rs 50 Announces Major Update On 6:11 Bonus Shares; Bet?

The market capitalization of Lorenzini Apparels Ltd reaches Rs 435 Cr, making it a small-sized consumer discretionary company. The company Lorenzini Apparels Limited, situated in India, is involved in the production of ready-made garments. The shares of Lorenzini Apparels is going to be in focus ahead as the company has declared a major update today regarding bonus shares.

Lorenzini Apparels Bonus Shares Update

"Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, we would glad to inform you that Company has received the Trading approval from National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) dated April 15, 2024 for issuance of Bonus Shares," said Lorenzini Apparels in a regulatory filing on Tuesday.

"We acknowledge with thanks the receipt of your application and subsequent submissions and have pleasure in advising that effective from Tuesday, April 16, 2024 the above-mentioned securities are listed on the Exchange. Please refer our Notice No. 20240415- 15 dated April 15, 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," the company further added.

"This is with reference to the application for the listing of further issue of 55299841 Equity Shares of Re.1/- each allotted under Bonus issue 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 April 16, 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 System (https://neaps.nseindia.com/NEWLISTINGCORP/), an online filing facility provided by the Exchange, for quicker and efficient processing of your submissions," Lorenzini Apparels said in a BSE filing.

On March 21, 2024, the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) granted the company the in-principle authorization for issuing bonus shares.

Lorenzini Apparels Bonus Shares Record Date

The Board of Directors in their meeting dated March 15, 2024 had fixed Thursday March, 28th 2024 as the "Record Date" for the purpose of 6:11 bonus shares.

Lorenzini Apparels Share Price Target

"Lorenzini Apparels stock price is bullish on the Daily charts with strong support at 26.9. A daily close above resistance of 29.55 could lead to a target of 33 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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