Speciality Retail Stock Announces Big Update Regarding 5:1 Bonus Shares: Do You Own?

Small-cap firm Eastern Logica Infoway Ltd operates in the speciality retail industry. Today, the BSE saw a higher opening price for the stock at Rs 299 a share. However, throughout the morning deals, the stock fell as much as Rs 275 to an intraday low owing to sell-off pressure. The stock was under pressure to sell out following the company's announcement on the issuing of bonus shares on Wednesday.

Eastern Logica Infoway Update On The Bonus Shares Issuance

"With reference to the subject cited above, we hereby inform that the BSE Limited has accorded the Listing Approval on 28.02.2024 pertaining to the Issue of Bonus Shares as approved by the shareholders vide Extra Ordinary General Meeting held on 10 02 2024. The Company shall further proceed with the Corporate Actions with the Depositories in consultation with the RTA followed by the Final Trading Applications with the Stock Exchange and ensure to credit the bonus shares at the earliest," said Eastern Logica Infoway in a regulatory filing on Wednesday.

Eastern Logica Infoway Bonus Shares News

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), we would like to inform you that the Board Meeting of the Company was held today, February 27, 2024, which commenced at 12:30 P.M. and concluded at 1:35 P.M., the Board of Directors of the Company has inter alia" considered and approved the following:

1. Allotment of Bonus shares to existing shareholders as per the record date.
2. Sanction of adhoc limit of Rs. 8 Crore with State Bank of India.
3. Application for enhancement of CC/EPC/PCFC/WCDL/BG limit upto Rs. 11 crores with ICICI Bank.
4. Application for registration of Trademark and Logo of the Company.
5. Authorize Mr. Sundeep Mishra for signing and executing Rent Agreements'
6. Opening 14 new retail stores pan India.
7. Application for Trade Licence for new retail stores within West Bengal.
8. Application for new POS Machines for every retail outlet to be open."

Eastern Logica Infoway Bonus Shares Allotment

"We hereby inform you that the Board of the Company has approved allotment of 1,42,53,345 fully paid-up equity shares of Rs. 10/- (Rupees Ten) each, as Equity Bonus Shares at its meeting held today, i.e. February 27,2024. The Equity Bonus Shares are allotted in the proportion of 5:1 i.e. 5 (Five) new fully paid-up equity shares of. 10/- (Rupees Ten) each for every 1 (One) existing fully paid-up equity share of Rs. 10/(Rupees Ten) each held, to the eligible members whose name appeared in the list of shareholders as on February 21, 2024, being the record date fixed for this purpose," said Eastern Logica Infoway in a stock exchange filing on Tuesday.

The paid-up share capital of the company based on pre-allotment of bonus shares was 28,50,669 equity shares of Rs. 10/- each, amounting to Rs. 2,85,06,690/- whereas paid-up share capital of the company based on the post-allotment of bonus shares is 1,71,04,014 equity shares of Rs. 10/- each, amounting to Rs. 17,10,40,140/-.