Standard Capital receives nod from BSE for stock split, bonus issue; check record date and details

Standard Capital Markets has received a 'go-ahead' for BSE Ltd for the corporate action. The company is going for a stock split followed by issue of bonus equity shares. The company has also fixed record date for the aforementioned corporate action as shared in a circular with the exchange.

The stock exchange BSE has granted its in-principle approval to the company for stock split and bonus issue on December 22. The company will be splitting its equity shares in 1:10 ratio, followed by issue of bonus equity shares in 2:1 ratio. The company informed about the same through an exchange filing earlier.

It means that each equity share of Standard Capital Market with a face value of Rs 10 each will be divided into 10 equity shares of the company with a face value of Re 1 each as on the given record date. The company has fixed Friday, December 29 as the record date for both the corporate actions.

Subsequent to the stock-split, the company will also be issuing bonus shares in a 2:1 ratio. It means all eligible shareholders of the company will get two bonus shares with a face value of Re 1 each for every one equity share held by the shareholders with a face value of Re 1 each.

Shares of Standard Capital Market were locked in the upper circuit limit at Rs 76.50 on Tuesday, commanding a total market capitalization of close to Rs 375 crore. The stock has surged about 370 per cent from its 52-week low at Rs 16.34 hit about a year ago but is down 20 per cent from its 52-week high at Rs 96 hit in May 2023.

The board of directors of Standard Capital Markets had approved the stock split and issue of bonus shares in its board meeting held on November 24, this year. The proposal was later approved by the shareholders of the company earlier this month, said a separate exchange filing by the company.

Incorporated in 1987, Standard Capital Markets Ltd is in the business of non-banking financial activities. The company provides a range of financial services, including secured and unsecured loans to individuals and MSMEs; dealing in securities/shares of companies, bonds and units investment in stock markets.

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