Upcoming Bonus Issue: Padam Cotton Yarns, a penny stock in the textile products business, is going to announce a bonus issue reward next week. Ahead of the announcement, the stock touched a 2% upper circuit on Tuesday, November 19. But Padam Cotton Yarns is a multi-bagger and in about six months, it has given mind-boggling 565% returns.
Padam Cotton Yarns Share Price:
On November 19, after market hours, Padam Cotton Yarns stock price froze at 2% upper circuit to Rs 213.30 apiece, which was also the stock's new 52-week high. The company's market cap is around Rs 100.87 crore. The stock has gained significantly from its 52-week low of Rs 32.02 apiece. Also, its return on equity is strong at 50.38%.
YTD, the stock has zoomed by 343.91% on BSE so far. However, in six-month span, the stock skyrocketed by 565.32%. The stock price was merely at Rs 32.06 on May 21, 2024. That being said, investors' wealth has multiplied by multi-fold.
For example: If an investor had bought Padam Cotton Yarns shares for Rs 25,000 six months ago. Then as of November 19, 2024, at 565.32% returns, they gained Rs 1,41,300, while their total corpus stood at Rs 1,66,330.
Padam Cotton Yarns Bonus Issue:
As per the regulatory filing, a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, November 27, 2024, to inter-alia consider and approve:
- The proposal for issue of Bonus Shares to the equity shareholders of the Company, subject to shareholders' approval;
- To Finalize the dates of Book Closure, Record Rate/ Cut-off Date and E-voting related matter for forthcoming Extra Ordinary General Meeting;
- To Appoint of Mr. Ashish Goyal, Proprietor of M/s A. Goyal & Associates and Company Secretary in Whole-time Practice as a Scrutinizer ascertain Voting process of Extra Ordinary General Meeting of the company.
Bonus shares are one of the many corporate actions that listed companies announce on several occasions. Bonus shares are like incentives which are free of cost given to investors. Under this corporate action, new shares are issued at the existing Face Value of equity shares of the company. Hence, the face value remains the same post-bonus issue.
About Padam Cotton Yarns:
Padam Cotton Yarns Limited ('PCYL', or 'the Company'), a public limited company, incorporated on 2nd day of November, 1994 under Companies Act, 1956 based on Karnal, Haryana. PCYL is listed on the BSE (formerly Bombay Stock Exchange) in India. The Company is yet to commence commercial production.
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