This Telecom Company Announces Bonus Issue of 80,16,000 shares With a Ratio Of 2:1
Since June 23, 2024 the stock price has given multibagger returns of 180 per cent.
On Monday, shares of Kore Digital Ltd jumped 5 per cent to lock in upper circuit. The company has a market capitalisation of Rs 678 crore and is currently trading at Rs 564. Over the past 52 weeks, the stock has reached a high of Rs 952 and a low of Rs 262. Since June 23, 2024 the stock price has given multibagger returns of 180 per cent.
The Board of Directors of the Company convened a meeting on January 20, 2025, where Board approved the allotment of 80,16,000 fully paid-up bonus equity shares of Rs 10/- each in the ratio of 2:1. This implies that shareholders holding one equity share of Rs 10/- each as of the record date, January 17, 2025, will receive two additional equity shares of Rs. 10/- each. As a result, the issued, subscribed, and paid-up equity share capital of the Company has increased. Before the allotment, the issued, subscribed, and paid-up shares stood at 40,08,000, with a share capital of Rs. 4,00,80,000/-. Post-allotment, the issued, subscribed, and paid-up shares have increased to 1,20,24,000, with a share capital of Rs. 12,02,40,000/-.
The bonus equity shares allotted will rank pari-passu with the existing equity shares of the Company. They will carry the same rights, including eligibility for dividends and other corporate benefits declared by the Company after this allotment.
The company has a market cap of Rs 678 crore. According to the latest Quarterly Results, the net sales increased by 289 per cent to Rs 41.05 crore and net profit decreased by 8.19 per cent to Rs 2.24 crore in Q3FY25 compared to Q3FY24.
About the Company
Kore Digital Ltd. engages in the provision of communication solutions to corporate and telecom network operators. The company was founded on February 13,2009 and is headquartered in Mumbai, India.
Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.