7:10 Bonus Shares: Textile Stock Allots Bonus Equity Shares, Shares Hit Lower Circuit

Small cap company engaged in textile industry Indo Cotspin Ltd shares today hit 5% lower circuit to settle at Rs 48.55 per share on BSE. The company today issued update on allotment of bonus equity shares. Earlier, Indo Cotspin set September 10, 2024 for 7:10 bonus shares implying shareholders will be eligible to receive 7 bonus shares for every 10 shares held as on the record date. Indo Cotspin shares offered eye-catching return of 91% in last 6-months and 311% in last 2-years. The company on September 10, 2024 approved incorporation of the wholly-owned subsidiary Indo Truly Trade Private Limited. Check details below:

Indo Cotspin Allots Bonus Share: As per the exchange filing of Indo Cotspin dated September 16, 2024, "We wish to inform you that Board of Directors of Indo Cotspin Limited ("the Company") in its Board Meeting held on September 16th, 2024 have allotted 29,40,350 Equity shares of Rs. 10/- each as fully paid Bonus Shares to the existing shareholders of the Company as on record date September, 10th , 2024 in the ratio of 10:07 i.e. (Seven bonus equity share for every Ten equity shares held) Equity Shares held in order to comply with the minimum public shareholding requirement (MPS).

Post the above allotment and adjustment of fractional shares, the paid-up Equity Share capital of the Company would stand at Rs 7,14,08,500 /- (Seven Crore Fourteen Lakhs Eight Thousand Five Hundred only) consisting of 71,40,850 (Seventy-One lakhs Forty Thousand Eight Hundred Fifty Only) equity shares of Rs. 10/-each. The said shares shall rank pari-passu with existing Equity Shares of the Company in all respect, added the exchange filing.

Indo Cotspin Shares Performance: The 52-week high price of Indo Cotspin Ltd shares on BSE is Rs 58.94 per share (as on 06/08/2024) and 52-week low price is Rs 20.14 per share (as on 28/11/2023), respectively. The company has a market capitalisation of Rs 34.67 crore. Indo Cotspin shares fell over 14% in last 1-month, gained 62% year-to-date (YTD), and zoomed 1336% in last 5-years.

Indo Cotspin About: Indo Cotspin is an exporter , manufacturer , importer , trader and supplier supplier. the primary competitive advantages of the company was qualitative products, minimal price, quick delivery. company was established in the year 1955 which exports markets world-wide on automatic production with 4 engineers.

Disclaimer:

The stock highlights the bonus share 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.