Salasar Techno shares rise 9% as board to consider bonus issue

Shares of Salasar Techno Engineering Ltd surged over 9 per cent in Monday’s trade,  ahead of the company's board meeting later this week to consider the issue of bonus shares. The company informed about the proposed meet through an exchange filing on Saturday.

The board of directors of Salasar Techno is scheduled to be held on Wednesday, December 20, 2023 at its Sector 62, Noida office inter alia, to consider and recommend a proposal of declaration of bonus shares to the shareholders of the company, said the exchange filing.

"The company board will also consider to increase the Authorized Share Capital of the Company and consequent amendments in Memorandum and Articles of Association of the company," the filing said. However, the above-mentioned corporate actions is subject to requisite approvals from the exchanges, regulators and shareholders of the company.

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Following the announcement, shares of Salasar Techno Engineering surged more than 9 per cent to Rs 56.10 during Monday's session, with a total market capitalization of close to Rs 1,800 crore. The scrip had settled at Rs 51.72 in the previous trading session on Friday.

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.

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