Penny stock under Rs 5 from the 2007-2008 stock market crisis; Board announces 1:3 bonus shares – Check record date inside!

Penny stock under Rs 5 from the 2007-2008 stock market crisis; Board announces 1:3 bonus shares – Check record date inside!

Kiran Shroff

The company's operations extend to providing leasing advisory services and acting as a leasing arm for other entities.

The Indian stock market was severely affected by the 2007-2008 global financial crisis, as the BSE Sensex and NSE Nifty tumbled by nearly 52 per cent and 54 per cent, respectively. This dramatic downturn resulted in heavy investor losses and widespread panic. The crisis exposed significant flaws in India's financial system, necessitating urgent reforms.

Among the many stocks affected by the crisis; shares of Shikhar Leasing & Trading Limited which were last traded during the crisis at Rs 3.15 per share are back in focus as the company announces bonus shares.

The company, Shikhar Leasing and Trading Limited has announced that it will issue bonus equity shares to its shareholders. This decision is subject to the approval of the shareholders at the upcoming 40th Annual General Meeting on September 24, 2024. If approved, the record date for the bonus issue will be Friday, October 4, 2024. On this date, the company will determine which shareholders are eligible to receive the bonus shares. The bonus issue ratio is 1:3, meaning that for every 1 existing fully paid-up equity share, shareholders will receive 3 new fully paid-up equity shares. Each bonus share will have a face value of Rs 10.

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Shikhar Leasing & Trading Limited is a multi-faceted enterprise engaged in the trading, wholesaling, and retailing of a vast array of textiles, including wool, cotton, jute, silk and synthetic fibers. It also deals in furnishing fabrics, dyes, chemicals, paper, electrical goods and other products as determined by the company. Additionally, the company offers financial services such as investment, leasing, and hire purchase, along with the purchase, sale and leasing of various assets including real estate, machinery, equipment and vehicles. The company's operations extend to providing leasing advisory services and acting as a leasing arm for other entities.

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

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