Kitex Garments board announces 2:1 bonus share issue
Kitex Garments on Friday announced that it will issue bonus shares to its shareholders in the ratio of 2:1 in its board meeting held today.
“It is to inform that the Board of Directors of the Company at its meeting held today, i.e., November 22, 2024, inter-alia, transacted the following items of business amongst other items: Issue of Bonus equity shares in the ratio of 2:1 i.e. 2 (Two) new fully paid equity shares of Rs 1/- each for every 1 (One) existing equity share of ͅRs 1/- each held as on Record date by the shareholder, subject to the approval of shareholders of the Company through Postal Ballot,” said the company in a filing to the exchanges.
The company has not provided any further details and will inform the record date for the purpose at a later date. However, it is informed that the bonus shares will be credited on or before January 20.
Kitex Garments also informed that the pre-bonus paid-up share capital of the company is Rs 6.65 crore consisting of 6.65 crore shares of Re 1 each. The same is expected to be around Rs 19.95 crore consisting of 19.95 crore shares of Re 1 each on a post-bonus basis.
An amount of Rs 13.30 crore will be appropriated from the company’s general reserve or retained earnings for the purpose of the bonus shares issuance.
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