Salasar Techno To Turn 4:1 Ex-Bonus On Thursday, 1st Feb: Buy?

Salasar Techno Engineering Ltd.'s shares wrapped up at Rs. 128.16 a share on the BSE on Wednesday, with a 2.86% reduction in value. Ahead of the small stock going to trade ex-bonus, there was selling pressure. The company has declared that February 1st will be the record date for bonus shares. The stock will trade ex-bonus on Thursday due to the T+1 settlement mechanism used in India.

Salasar Techno Engineering Bonus Shares

"The Board of Directors in their meeting held today dated January 18, 2024 has fixed Thursday, February 1, 2024 as the Record Date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1 i.e. 4 (Four) new fully paid-up bonus equity share of Rs.1/- (Rupees One only) each for every 1 (One) existing fully paid-up equity share of Rs.1/- (Rupees One only) held on Record Date," said Salasar Techno Engineering in a stock exchange filing.

Salasar Techno Engineering News

The Board of Directors of the company in their meeting held on Thursday, January 25, 2024 announced fund-raising of Rs. 8,064 Mn by issuing and allotting up to 3,90,00,000 equity shares having a face value of Re.1/- each, to the persons belonging to 'NonPromoter, Public Category' on preferential basis for an aggregating amount of up to Rs. 2,808/- Mn.

And also allotting up to 7,30,00,000 fully convertible warrants convertible into an equivalent number of fully paid-up equity shares of the company having a face value of Re. 1/-, to the persons belonging to "Promoter" and "Non-Promoter, Public Category", on a preferential basis payable in cash for an aggregating amount of up to Rs. 5,256/- Mn.

Salasar Techno Engineering Share Price Target

Salasar Technology is overbought on the Daily charts with strong resistance at 140. A daily close below support of 117 could lead to a target of 94 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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