The company is yet to announce the record date for determining the eligibility of shareholders for stock splits and bonus.
Share Market News: Lorenzini Apparels Limited has announced that its board of directors has announced the distribution of bonus shares and stock split. The company, which is engaged in the business of manufacturing and designing readymade garments, said that the board has approved proposals to distribute bonus shares in the ratio of 6:11 i.e. six new fully paid-up equity shares of Re 1 each will be issued for every 11 fully paid-up equity shares of Re 1 held by the security holders.
“Proposal of issuance of Bonus equity shares to the security holders of the Company in the ratio of 6:11 i.e. 6 (Six) new fully paid-up equity share of Re. 1/- (Rupee one only) each for every 11 (Eleven) fully paid-up Equity Shares of Re. 1/- (Rupee one only) held by the Eligible securityholders of the Company as on the record date, subject to the approval of shareholders to be obtained through Postal Ballot process. In this regard, the record date for such bonus issue shall be intimated to the stock exchanges in due course,” the filing reads.
The board has approved the sub-division of the face value in the ratio of 10:1.
“Sub-Division of Face Value of Equity Shares of the Company from Rs. 10/- (Rupees Ten Only) each to Re. 1/- (Rupee One) each, subject to the approval of shareholders to be obtained through Postal Ballot process,” the exchange filing reads.
The company is yet to announce the record date for determining the eligibility of shareholders for stock splits and bonus. Lorenzini Apparels said that the record date will be announced soon and stock exchanges will be informed about it in due course.