Sakuma Exports shares rise 8% on nod to bonus issue, check details

Shares of Sakuma Exports rose over 8% on Tuesday after board of the firm approved issue of bonus shares in the ratio of 4:1. The firm also unveiled its plan to raise Rs 500 crore via qualified institutional placement (QIP) of shares and substantial investments in its subsidiaries. Sakuma Exports stock gained 8.3% to Rs 38.28 against the previous close of Rs 35.34 on BSE. Market cap of the firm climbed to Rs 1,103 crore.

"Approved Issue of Bonus Shares by way of capitalization of Capital redemption Reserves, Securities Premium Account and General Reserves account as of 31st March 2024 to the equity shareholders of the Company in the ratio of 4: 1 i.e., 4 (Four) new fully paid-up Equity Shares of Re. 1/- (Rupee One only) each for every 1 (One) existing fully paid-up Equity Share of Re. 1/- each held by the eligible shareholders as on the Record Date," according to a stock exchange filing.

Sakuma Exports is also set to raise up to Rs 500 crore through a Qualified Institutions Placement (QIP). The funds will be raised in one or more tranches as per the Companies Act, 2013, and SEBI regulations.

"Raising of funds by way of a Qualified Institutions Placement (by means of issuing Equity Shares) for an amount up to ?500 crores, in one or more tranche or tranches," Sakuma Exports said.

Additionally, Sakuma Exports cleared an investment of up to Rs 600 crore in its direct or step-down subsidiaries, both existing and future, located in India and abroad.

Sakuma Exports is engaged in trading of agro commodities and caters to both domestic as well as international markets.