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Shares of SC Agrotech Limited rallied nearly 5% to touch their 52-week high during Thursday’s intraday trading session. The sharp uptick in the stock reflected investors’ enthusiasm as the company dropped a crucial update, delivering triple delight ahead of Diwali.
The firm announced update for its upcoming board meeting, scheduled to consider bonus issues, stock split and potential dividend announcement.
SC Agrotech share price was trading 4.98% higher during Thursday’s intraday trading session. Its share price value has surged nearly 174% in one year.
The company’s board of directors meeting is scheduled to be held on Friday, November 13. The meeting will be closely tracked by investors with strong interest in corporate actions, as it will consider dividend, stock split and bonus issue related developments for the company.
In addition to the three corporate actions, the board may also consider any “increase in authorised share capital, consequential amendments to the Memorandum and/or Articles of Association, and the convening of shareholders' approval processes.”
The company’s board may consider subdivision of equity shares of face value ₹10 each into equity shares with a face value of Re 1 each, i.e. split in the ratio of 10:1.
The board may also review the feasibility of recommending or declaring a dividend of up to 100% of the applicable equity share face value. However, the corporate action approval will be subject to viability in terms of legally distributable profits, liquidity and other applicable requirements.
SC Agrotech’s board of directors may “consider an issue of fully paid-up bonus equity shares in a ratio of up to 4:5 (four bonus shares for every five existing equity shares), by capitalising eligible reserves, subject to statutory and shareholder approvals.”
The record date for potential dividend, stock split and bonus shares is yet to be finalised by the board.
The stock rallied 4.98% to hit its 52-week high. It also touched the upper circuit limit of ₹46.58 apiece on the BSE. Its market capitalisation stood at ₹353.98 crore as of 12:40 pm. The agricultural products stock has delivered 43.32% return in two weeks, 20.92% return in one month, 68.83% return in six months and around 174% return in one year.
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