4:1 Bonus Share, 9 Dividends: Multibagger Penny Stock In News For Acquisition, PSU Order Win

Small cap company operating in Industrial Products industry, Salasar Techno Engineering (STEL) is back in news for acquisition plans and recent order win from Tamil Nadu GeneraIon and DistribuIon CorporaIon Limited (TANGEDCO). Last trading price of Salasar Techno Engineering share on BSE is Rs 21.51 apiece with intraday gain of 4.16%.

Salasar Techno Engineering shares declined 14% in last 1-month but offered attractive return of 108% in last 3-months. The penny stock already gave 9 dividends since 2017 and awarded 4 bonus shares in 2024 only. Check details below:

Salasar Techno Engineering To Acquire EMC Limited: According to the regulatory filing, "Salasar Techno Engineering Limited ('the Company') has emerged as the highest bidder in the acquisition of M/s EMC Limited (under Liquidation) through an EAuction facilitated by the Liquidator, as appointed by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to Order IA No. 842/KB/2023. The auction took place on Thursday, March 14, 2024, from 03:00 P.M. to 05:00 P.M., with the highest bid amounting to Rs. 178,00,00,000/- (Rupees One Hundred Seventy-Eight Crores Only)."

'SALASAR' has been officially announced as the successful bidder and Letter of Intent has been issued by the Liquidator. This letter outlines the terms and conditions necessary to finalize the sale of the company as a going concern, including the balance sale payment by Successful Bidder as per the provisions of the Insolvency and Bankruptcy Code and the Liquidation Process Regulations.

Salasar Techno Engineering Secures NOA Worth Rs 10,337.8 Mn From TANGEDCO: The exchange filing of Salasar stated, "Salasar, a prominent player in the field of providing engineering and infrastructure soluIons, has secured a NoIficaIon of Award (NOA) for 7 disInct contracts aggregately worth Rs. 10,337.8 Mn from Tamil Nadu GeneraIon and DistribuIon CorporaIon Limited (TANGEDCO)."

Salasar will deliver a comprehensive turnkey service (except supply of DTs, Poles, and its Base Plate) in Coimbatore District of Tamil Nadu. It will also undertake the development of distribuIon infrastructure prioriIzing the reducIon of losses and the enhancement of operaIonal efficiency across various districts of Tamil Nadu, added the BSE filing.

Salasar Techno Shares Outlook & Return: The 52-week high price of Salasar Techno is quoted at Rs 34.08 apiece and 52-week low price is quoted at Rs 7.20 apiece, respectively. Salasar Techno has a market capitalisation of Rs 4018.93 crore. Salasar Techno shares gave return of 93% year-to-date (YTD), zoomed 155% in last 3-months, gave return of 205% in last 1-year, and offered surge of 396% in last 2-years.

Salasar Techno Bonus Issue: As per the exchange filing of Salasar Techno dated Jan 18, "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 subject to the approval of shareholders is being obtained through the postal ballot notice dated December 20, 2023, last date for the remote e-voting of postal ballot will be Saturday, January 20, 2024 (05:00 P.M.)."

Salasar Techno Dividend History: Salasar Techno Engineering announced 9 dividends since November 23, 2017. In the past 12 months, Salasar Techno Engineering Ltd. has declared an equity dividend amounting to Re 0.10 per share. At the current share price of Rs 25.46, Salasar Techno Engineering's dividend yield is 0.39%. Adjusting for Bonus/Splits, dividend yield is 0.09%, according to Trendlyne.

Salasar Techno About: Incorporated in 2006, Salasar Techno is a provider of customized steel fabrication & infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment. Salasar Techno's product portfolio includes telecommunication towers, power transmission line towers, smart lighting poles, utility poles, high mast poles, stadium lighting poles, monopoles, substation structures, solar module mounting structures, railway electrification (OHE), Road & Railway Over-Bridges (ROB) and customised galvanized & non-galvanized steel structures.

Disclaimer: The stock just highlights acquisition news, psu order win 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 ay losses. Please consult a professional advisor.