Salasar Techno shares hit new 52-week high as board announces stock split

Shares of Salasar Techno Engineering Ltd surged about 10 per cent during the trading session on Thursday to hit a new 52-week high but finally settled 7 per cent higher. The stock ended the trading session at Rs 64.17, with a total market capitalization of 2,038 crore. It scaled a new 52-week high of Rs 65.40 for the day.

The Noida-based company, in its board meeting held on Wednesday, announced bonus of the existing shareholders of the company and approved the authorised share capital of the company. The company informed about the same through an exchange filing on Wednesday.

The company announced bonus shares in 4:1 ratio, which means that eligible investors will get four bonus shares with a face value of Re 1 each for every one share held by them with a face value of Re 1 each as on the record date, subject to approvals from shareholders and other regulatory approvals.

The company board also approved to increase the authorized share capital of the company to Rs 175 crore equity shares of Re 1 each from the existing Authorized capital of Rs 35.00 crore equity shares of Re 1 each, subject to obtaining the approval of the shareholders of the company.

Earlier this month, the company successfully secured an engineering, procurement, and construction (EPC) contract valued at Rs 3,640 crore from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), which focuses on execution of loss reduction work in turnkey mode.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing of large & heavy steel structures, and providing customized steel structures and 360-degree EPC solutions to diverse range of industries including telecom, power, railways and more.