Spright Agro, engaged in food and agriculture distributions and trading, will reward investors with yet another bonus share in 2024. The company plans its second bonus issue in 8 months. The ratio of upcoming bonuses is 1:1. And that is going to multiply investors' shares heftily. Spright Agro is a multi-bagging penny stock.
Spright Agro Share Price:
In the trading week from October 7-11, the penny stock traded volatile. It touched a 5% lower circuit of Rs 13.06 apiece on BSE, with a market cap of Rs 699.69 crore. This was an extension of a 5% lower circuit on October 10.
The stock had hit a 5% upper circuit on October 9 and October 8. While it started the week with a 5% lower circuit on October 7.
Overall, its weekly performance is down by 0.53%. YTD, the stock, however, zoomed by 71.39%. And in a year, the stock skyrocketed by a massive 396.58% on BSE.
Spright Agro Bonus Issue:
In its board meeting on October 11, the company's shareholders approved a bonus issue in the ratio of 1:1, i.e., 1 Equity Share of ₹ 1/- each for every 1 Equity Share of ₹ 1/- each held by the shareholders of the Company as on the Record Date.
Spright Agro stated that the record date is to be determined by the Board and will be intimated to the exchange, subject to the approval of members of the Company by an Extraordinary General Meeting.
The company proposes 53,57,53,771 Equity Shares as a bonus. It added the bonus shares will be issued out of Securities Premium Account of the Company available as of September 30, 2024.
As of September 30, 2024, the balance of Rs. 46.41 crore is available in the Securities Premium Account and the remaining 7.17 crore is available from General Reserves. Also, the Share Premium of Rs 53.58 crore is required for implementing the Bonus Issue.
This will be the second bonus issue by Spright Agro in 8 months. The first bonus issue by the company was also of a 1:1 ratio in March 2024.
However, the upcoming bonus issue also comes after 1:10 stock split in March 2024 as well. The face value of Rs 10 was cut to Rs 1.
Spright Agro has no dividend record.
How Investors Will Gain?
For example: an investor held 500 shares of Spright Agro by March 18, then their shares will split to 5,000 equity shares (500 x 10). Further, these investors most likely received another 5,000 bonus shares, taking their total number of shares to 10,000.
With the upcoming bonus issue, these 10,000 shares will receive another 10,000 bonus shares (10,000 x 1), taking the total number of shares to 20,000.
About Spright Agro:
Spright Agro's mission is to nourish communities and cultivate a sustainable future through innovative food and agriculture solutions. The company is committed to producing high-quality, nutritious food products, fostering responsible agricultural practices, and empowering farmers and communities to thrive.
Its vision is to be a global leader in the food and agriculture industry, known for its commitment to excellence, sustainability, and social responsibility. We envision a future where everyone has access to safe, healthy, and affordable food, and where agriculture is a driving force for environmental stewardship and economic development.
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