Rs 2 Dividend, 1:1 Bonus Shares: Small Cap Stock Approves Allotment of Bonus Shares, Shares Fall

Small cap company engaged in civil construction Power Mech Projects Ltd today issued an update on allotment of bonus equity shares. Last trading price of Power Mech Projects Ltd shares on BSE is Rs 3095 per share with decline of 0.83% in trade today. The company had recommended 1:1 bonus shares for shareholders and fixed October 8, 2024 as the record date. Power Mech Projects also declared Rs 2/share dividend and fixed September 28, 2024 as the record date.

The company's market cap stood at Rs 9785.24 crore. Power Mech Projects shares offered return of 38% year-to-date and zoomed over 195% in last 2-years. Earlier this year, the company bagged huge order worth Rs 850 crore from subsidiary of Vedanta Talwandi Sabo Power Ltd. Check details below:

Power Mech Projects Gives Update On Bonus Equity Shares: As per the exchange filing of Power Mech Projects dated October 9, 2024, "In continuation with the our earlier communications dated August 22, 2024, and August 29, 2024, and pursuant to the resolution passed by the shareholders of the Company, In-principle approval received from National Stock Exchange of India Limited and the BSE dated October 4, 2024 and October 7, 2024 respectively, and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations, 2015"), we wish to inform you that the Board of Directors of the Company, vide circular resolution dated October 9, 2024, has, considered and approved the allotment of 1,58,08,146 Equity Shares of ₹10/- each as fully paid-up Bonus Equity shares."

The Bonus Equity Shares are allotted in the proportion of 1:1 i.e., 1 (one) new fully paid-up equity shares of ₹ 10/- (Rupees Ten) each for every 1 (One) existing fully paid-up equity share of ₹ 10/- (Rupees Ten) each held, to the eligible Members whose names appeared in the Register of Members and list of beneficial owners as on October 8, 2024, being the record date fixed for this purpose, added BSE filing.

Power Mech Projects Shares Performance: The 52-week high price of Power Mech Projects shares on BSE is Rs 3725.00 apiece (as on 23/08/2024) and 52-week low price is Rs 1671.38 apiece (as on 02/11/2023), respectively. Power Mech Projects shares jumped 20% in last 3-months, rose 195% in last 2-years, gained 515% in last 3-years, and offered return of 819% in last 5-years. Power Mech Projects made its stock market debut way back in 2015 with an issue price of Rs 640 per share.

Power Mech Projects Dividend In 2024: Power Mech set Saturday, 28th September 2024 as Record date to decide the eligibility of shareholders/Beneficial Owners who are entitled for receipt of Final Dividend. Earlier, Power Mech recommended a final dividend of Rs 2/- per equity share of the face value of Rs 10.00 each.

Shareholding: FII/FPI have increased holdings from 4.98% to 5.24% in June 2024 quarter. Number of FII/FPI investors increased from 117 to 118 in June 2024 quarter. Mutual Funds have increased holdings from 16.51% to 18.68% in June 2024 quarter. Institutional Investors have increased holdings from 24.42% to 26.89% in June 2024 quarter.

About: Power Mech Projects Limited, is one among the leading infrastructure-construction Companies based in Hyderabad, India with global presence and highly credited in providing spectrum of services in power and infrastructure sectors. It was established in the year 1999 by an enthusiastic engineering entrepreneur S. Kishore Babu with chosen motto of providing service with high quality, safety and time line, the three virtues still holding the Company in high esteem.

Disclaimer: The stock highlights the bonus share, dividend, 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.