Salasar Techno shares jump over 6%; company announces record date for bonus issue

Shares of Salasar Techno Engineering Ltd surged during the trading session on Friday to hit a new 52-week high as the company announced the record date for the bonus shares. The company informed the same through an exchange filing on Wednesday.

The board of directors in their meeting held today dated January 18, 2024 has fixed Thursday, February 1, 2024 as the record date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1, said the company in the exchange filing.

"It means that the company will issue four new fully paid-up bonus equity share of Re 1 each for every one existing fully paid-up equity share of Re 1 each held on record date subject to the approval of shareholders is being obtained through the postal ballot notice dated December 20, 2023," it added.

Following the announcement, shares of Salasar Techno Engineering surged 6.3 per cent on Friday to Rs 74.95, hitting its new 52-week high, commanding a total market capitalization of close to Rs 2,400 crore. The scrip had settled at Rs 70.49 in the previous trading session on Monday.

The Noida-based company had announced to issue bonus shares in December 2023. The company board also considered increasing the Authorized Share Capital of the company and consequent amendments in Memorandum and Articles of Association 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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