Sunil Hitech Engineers hits 52-week high on 1:1 bonus

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.

 


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel