Sunil Hitech Engineers has surged 11% to Rs 419, also its 52-week high on the BSE, in an otherwise weak market after its board approved issue of bonus shares in the ratio of 1:1.
“The board of directors of the company at its meeting held on October 11, 2016, has approved the issue of bonus shares in the proportion of 1 (one) equity share for every 1 (one) existing equity share held by the members of the company,” Sunil Hitech Engineers said in a BSE filing.
The board also approved the issue of 10 million convertible warrants to the promoters and non-promoters.
In past three trading sessions, the stock zoomed 39% from Rs 301 on October 6, after the construction & engineering company said that the board will consider bonus issue.
Meanwhile, the Sunil Hitech Engineers has fixed record date as October 19, 2016 for the purpose of sub-division of each equity share of the company having a face value of Rs 10 each fully paid-up into 10 (ten) equity shares of the face value of Re 1 each fully paid-up.
The stock will turn ex-stock split on Tuesday, October 10, 2016.
At 09:34 am, it was up 8% at Rs 409 on the BSE, as compared to 0.80% decline in the S&P BSE Sensex. A combined 1.24 million shares changed hands on the counter on the BSE and NSE.