1:2 Bonus issue announcement: Back-to-back upper circuit low price penny stock, company announces bonus issue!

The bonus issue scheme entails the allocation of one additional equity share having a face value of Rs 1 each for every 2 equity shares valued held as of a specified record date.

Incorporated in 1985, Ashirvad Capital Limited operates primarily in the investment sector. The company functions as a Non-Systematically Important Non-Deposit Taking Non-Banking Finance Company. Its core activities involve investments in shares and securities. Additionally, it is involved in the production of carvings made from precious and semi-precious stones, paintings, jewellery, and other related items. The company has made a significant announcement regarding the bonus issue.

Bonus Share Announced by Ashirwad Capital Limited

The company has announced a bonus issue, wherein shareholders will receive one bonus equity share of Rs 1 each for every 2 existing equity shares of held as of a specified record date. These bonus shares are set to be issued from the free reserves generated from the profits of the company as of March 31, 2024. The bonus issue necessitates free reserves of Rs 3,00,00,000 and as of March 31, 2024, the company maintains a balance of Rs 3,44,48,515 in free reserves, meeting the requisite criteria. The company anticipates that the bonus shares will be credited or dispatched within 2 months from the date of the Board's approval, with the target date being July 8, 2024.

The company's pre-bonus paid-up share capital stands at Rs 6,00,00,000, divided into 6,00,00,000 equity shares of Rs 1 each, which will be increased post-bonus to Rs 9,00,00,000, divided into 9,00,00,000 equity shares of Rs 1 each.

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Share Performance of Ashirwad Capital Limited

On Friday, the company's stock closed at around Rs 6.13 per share on the BSE, with a market capitalisation of Rs 36.78 crore. Additionally, the stock has delivered a return of around 61 per cent in the past one year. It has great potential to deliver multibagger returns in the future.

Investors must keep this penny stock on their radar.

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