Veerkrupa Jewellers, an SME-listed smallcap jewellery company, has announced a stock split and issuance of bonus equity shares. The board of Veerkrupa Jewellers has approved the same. The company has informed the bourses about the corporate action through an exchange filing.
The company board has considered and approved the issue of bonus shares in a 2:3 ratio. This means that all eligible shareholders will get two bonus shares for every three shares held by them as of the given record date, which will be announced later.
Along with this, Veerkrupa Jewellers' board has also approved the sub-division of equity shares in 1:10. It implies that every share of the company with a value of Rs 10 each will be divided into 10 equity shares of Re 1 each. The aforesaid corporate action is subject to necessary permissions and approvals.
Shares of Veerkrupa Jewellers hit an upper circuit of 5 per cent to Rs 135.65 to hit a new record high on Friday following the announcement of a stock split and bonus issue. The scrip had settled at Rs 129.35 on Thursday. The stock has surged more than 135 per cent in the last six months.
Veerkrupa Jewellers' board has decided to conduct Extra-Ordinary General Meeting through Postal Ballot and to issue notice for the same shortly, the company's regulatory filing added.
Veerkrupa Jewellers was listed at the BSE's SME platform in July 2022 after it raised Rs 8.1 crore via its initial public offering (IPO). The company sold its shares for Rs 27 apiece. The stock has surged about 3405 per cent from its IPO issue price.
Veerkrupa Jewellers is engaged in the jewellery business including the sale of silver, gold, studded and other jewellery products including diamond, platinum and other precious and semi-precious stones. The company has two showrooms in Narol and Naroda (Gujarat).
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