Indian stock market: Rama Steel shares jump 10% after issuance of 2:1 bonus shares

livemint.com:

Stock market today: Shares of Rama Steel Tubes Ltd have been in an uptrend since early morning deals on Thursday. The small-cap stock with a market cap of ₹2,088 crore today opened upside at ₹13.95 apiece and went on to touch an intraday high of ₹14.65 apiece, logging a nearly 10 percent rise during the intraday session. The small-cap stock witnessed a spurt in volume as well.

As per the information available on the BSE website, Rama Steel shares traded ex-bonus on Tuesday and bonus shares were issued in a 2:1 ratio on Wednesday. This means, two bonus shares were issued on Wednesday from the share allotment committee of the company to all those Rama Steel shareholders, who owned company shares after the end of Tuesday session this week. Rama Steel Tubes Limited informed Indian stock market exchanges about the issuance of bonus shares saying, "Pursuant to receipt of approval of shareholders of the company through postal ballot on February 28, 2024 and after receipt of in-principle approval from National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") vide letter no.

NSE/LIST/39750 dated March 13, 2024, and letter no. LOD/Bonus/BNIP /VK/1372/2023-24 dated March OS, 2024 respectively, the Board of Directors of the Company in their meeting held today has made an allotment of 101,99,04,050 fully paid-up Bonus Equity Shares of Rs. 1/- each in the ratio 2:1 (Two) Equity Share of Rs.