Penny stock under Rs 20 from the 2007-2008 stock market crisis; Board announces 1:5 bonus shares – Check record date inside!
A Mumbai-based company established in 1985, specializes in manufacturing a wide range of electrical products.
During the 2007-2008 global financial crisis, the Indian stock market suffered a major blow, with the BSE Sensex and NSE Nifty dropping by roughly 52 per cent and 54 per cent, respectively. This downturn triggered massive losses for investors and widespread panic across the market. The crisis highlighted critical weaknesses in India's financial system, prompting the need for swift reforms. However, despite the challenges, India's economy showed resilience, eventually recovering and setting the stage for future growth.
Among the many stocks affected by the crisis; shares of Classic Electricals Limited which were last traded during the crisis at Rs 15.50 per share are back in focus as the company announces bonus shares.
Classic Electricals Limited has officially announced that the Record Date for the proposed issuance of bonus equity shares has been established as Friday, October 4, 2024. On the record date, the shareholders are eligible to receive the bonus shares. The proposed bonus issue ratio is 1:5, meaning that for every 1 existing fully paid-up equity share held by a shareholder, they will receive 5 new fully paid-up equity shares. The new shares will have a face value of Rs. 10 each, the same as the existing shares.
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However, the final decision on whether to proceed with the bonus issue will be made by the shareholders at the Company's upcoming 39th Annual General Meeting, which is scheduled to take place on September 24, 2024. If approved by the shareholders, the bonus shares will be issued to eligible shareholders on or before October 4, 2024.
Classic Electricals Limited, a Mumbai-based company established in 1985, specializes in manufacturing a wide range of electrical products. Their core business involves producing switch plates and boxes using various plastic materials. The company's product portfolio extends to encompass a comprehensive array of electrical goods, accessories and components, including switches, sockets, plugs, lighting fixtures, wiring accessories and more, catering to diverse electrical needs and applications.
Disclaimer: The article is for informational purposes only and not investment advice.
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