Salasar Techno shares hit upper circuit as stock trades ex-split

Shares of Salasar Techno Engineering Ltd hit upper circuit limit on Thursday's session as the stock traded ex-bonus during the session. The company had announced the bonus issue earlier, along with fundraising plans, through an exchange filing with the bourses.

Salasar Techno had announced to issue bonus shares in 4:1 ratio in December 2023. It meant that every eligible shareholder of the company will get four bonus shares with a face value Re 1 each for every share held by them with a face value of Re 1 each, as on the record date for the issue.

The company took approval from the shareholders for the issue of bonus shares in the aforementioned ratio. Subsequent to the approval, the company also announced February 1, 2024 as the record date to determine the eligibility of bonus shares. The stock traded ex-bonus on Thursday, the record date of the issue.

Shares of Salasar Techno Engineering hit an upper circuit of 10 per cent on Thursday at Rs 28.19 on an adjusted basis, with a total market capitalization of close to Rs 4,500 crore. The stock had settled at Rs 25.63 apiece in the previous session on Wednesday. The stock has gained 290 per cent from its adjusted 52-week low at Rs 7.20.

The company board of Salasar Techno is scheduled to meet on Saturday, February 3 to consider and approve the standalone and consolidated unaudited financial results for the quarter and nine months ended December, 31 2023. It will also allot the bonus shares to all the eligible shareholders of the company.
 

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.

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