2:1 Bonus Issue Recommended On March 7: IT Stock Hits Upper Circuit, Soars 147% YTD

Small Cap IT Software sector company Naapbooks Ltd shares hit 5% upper circuit on March 7, 2024 after its Board of Directors recommended bonus shares in the proportion of 2:1 implying shareholders will be eligible to receive 2 bonus shares for every 1 share held as on the record date.

It operates in IT Software sector. Naapbooks shares offered return of 148% so far in 2024 and rallied 122% in last 3-months. The company has yet to fix the record date for 2:1 bonus issue. Check details pertaining to bonus shares below:

Board of Naapbooks Declares 2:1 Bonus Shares: As per the regulatory filing of the company dated March 7, 2024, "Recommended the issue of Bonus Shares in the ratio of 2:1 i.e. 2 (Two) new Bonus equity share of Rs. 10/- each fully paid up for every 1 (One) existing equity share of Rs. 10/- each fully paid-up held by the Members of the Company as on the Record Date (will be declared in due course), subject to approval of the Members of the Company."

Naapbooks Approves Fundraising: The BSE filing stated that the company has explored various avenues for raising funds including Preferential Issue, Rights Issue, Loan from bank or financial institution and Debt instruments. The Board has considered and approved raising of funds through more than one route that is by Preferential Issue or Right issue of Equity Shares and by taking loan from financial institutions or issue of debt instruments i.e. debentures. However, the details including size of the issue and all related things are yet to be decided.

Naapbooks Inks MoU on Feb 23, 2024: The BSE filing of Naapbooks on Feb 23, 2024 issued a BSE filing stating, "we would like to inform that the company has signed an MOU with M/s. Tinycheque Ventures Private Limited on 23rd February, 2024 for doing business of design, development and marketing of SaaS products and services."

Naapbooks Shares Performance & Return: The 52-week high price of Naapbooks shares on BSE is Rs 240.45 apiece and 52-week low price is Rs 54.00 apiece, respectively. It has a market capitalisation is Rs 72.29 crore. Naapbooks shares witnessed surge of 137% in last 6-months, soared 212% in last 1-year, and gained 346% in last 2-years.

Naapbooks About: Naapbooks is a FinTech company that is technologically driven with an all-encompassing experience of seven years in the IT industry. We offer finance consultancy and software support services. Our energy is channeled into envisioning novel innovations such as mobile banking and cloud-based management software, according to its official website.

Disclaimer: The stock highlights the bonus issue and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.