4:1 Bonus issue announcement: Multibagger Hotel and Resort company announced 4 shares for every 1 equity share; must watch!
The company's shares have delivered a return of around 145 per cent to their shareholders.
This hotel and resort company operates within the banquets, hotels, and catering industry. Currently, the company owns and manages 8 banquet halls, 2 Indian sweets and snack shops, 1 hotel, and 1 guest house. Its services include organizing various events such as marriages, sangeet ceremonies, ring ceremonies, birthday parties, anniversary parties, kitty parties, corporate events, kirtans, and thread ceremonies at its banquet halls. Additionally, the company offers Indian snacks and sweets at its retail shops. Goel Food Products Limited has made a significant announcement regarding the bonus issue.
Bonus Share and dividends Announced by Goel Food Products
The Board of Directors at its meeting held on Thursday, May 30, 2024, has approved the following key decisions:
Dividend Recommendation: The Board has recommended a dividend of 50 paise (Fifty Paise Only) per fully paid-up equity share of Rs 10 each for the financial year ending March 31, 2024. This recommendation is subject to the approval of the shareholders at the upcoming Annual General Meeting.
Bonus Shares: The Board has approved the issuance of equity bonus shares in a ratio of 4:1. This means that shareholders will receive 4 (Four) equity shares of Rs 10 each for every 1 (One) existing equity share of Rs 10 each they hold. This issuance is subject to shareholder approval and other necessary statutory and regulatory consents, permissions, conditions, and sanctions. The record date for this issuance will be decided by the Board after obtaining shareholder approval and will be subsequently communicated to the Stock Exchanges.
Share Performance of Goel Food Products Limited
On Friday, the company's stock closed at around Rs 174 per share on the BSE, with a market capitalisation of Rs 65.60 crore. Additionally, the stock has delivered a multibagger return of around 142 percent compared to its final IPO issue price of Rs 72 per share.
Business Overview Goel Food Products Limited:
Incorporated in 1996, Goel Food Products Limited is a prominent manufacturer of Indian snacks and sweets. The company also provides event-organizing services for various occasions, including marriages, sangeet ceremonies, ring ceremonies, birthday parties, anniversary parties, kitty parties, corporate events, kirtans (devotional singing), and thread ceremonies, all hosted at their banquet halls. Goel Food Products Limited operates and manages its banquet and retail business under the brand name "BIKA," with several locations across Kolkata.
As per Quarterly Results, the company reported a revenue of Rs 13.88 crore, while a net profit of Rs 3.40 crore compared to Rs 2.57 crore.
Investors must keep this micro-cap stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.