NBCC Announces 1:2 Bonus Share Issue After 7 Years
State-owned NBCC (India) Ltd has announced that its board has approved the issuance of bonus shares to shareholders in a 1:2 ratio, meaning one new fully paid-up equity share for every two existing shares. This decision will utilize Rs 90 crore from the company’s free reserves. The issuance is subject to shareholder approval at the upcoming Annual General Meeting, and the record date for determining eligible shareholders is set for October 7, 2024.
NBCC plans to issue 90 crore bonus shares, drawing from its reserves and surplus, which currently stand at Rs 1,959 crore. The company’s Chairman and Managing Director, K P Mahadevaswamy, highlighted that this move reflects NBCC’s robust financial performance and commitment to enhancing shareholder value. The company reported its highest-ever turnover, business development, and profit for the financial year 2023-2024.
This is the first bonus issue since 2017, when NBCC previously announced a similar 1:2 bonus share distribution. NBCC’s strong order book of over Rs 81,300 crore, along with its strategic focus on redevelopment, PSU land monetization, real estate development, overseas expansion, and project management consultancy (PMC) works, positions it well to contribute to India’s development goals.
Read more: Unveiling Eros Sampoornam 3: Prime Location & Luxury
for more updates follow us on instagram
