1,500 per cent return in just one year: Board announced bonus shares!

Shares of this company have gained more than 200 per cent in the last six months.

RMC Switchgears Limited informed in the exchange filing that the Board of Directors at its meeting held on September 02, 2023, has considered and recommended the issuance of bonus shares to the existing shareholders in the ratio of 2:1 subject to the approval of shareholders in the ensuing Annual General Meeting. The board also approved increasing the Borrowing limit of the Board of Directors in excess of Paid-up Share Capital and Free Reserve but up to Rs.500 crores subject to the approval of shareholders in the ensuing Annual General Meeting.

Earlier, the company entered into a Memorandum of Understanding (MoU) with Radius Synergies International Private Limited. The primary aim of the collaboration is to foster knowledge sharing and capacity building in the Electricity Distribution and Energy Sector.

And extend their efforts towards achieving the common goal of providing IT automation-based software, hardware, solutions, and services in the domains of Extra High Tension (EHT), High Tension (HT), Low Tension (LT), and consumer metering to a wide array of Electricity Distribution Companies worldwide.

RMC Switchgears Limited has delivered multibagger returns to its shareholders in the last one year. During this period, shares of RMC Switchgears surged from Rs 42.30 on August 30, 2022, to Rs 764.00 on September 01, 2023, an increase of about 1,500 per cent in one year holding period.

RMC Switchgears is primarily engaged in the business of designing and manufacturing enclosures of energy meters, LT/HT distribution boxes and panels, junction boxes, feeder pillars and other power distribution and circuit protection switchgear.

Disclaimer: The article is for informational purposes only and not investment advice.