Stock of footwear maker Redtape Ltd rose over 5% today after the firm said its board has proposed the issue of bonus shares in the ratio of 3:1. The board also declared and approved date for interim dividend of Rs 2 (100%) per equity share for the financial year 2024-25. Redtape stock rose 5.25% to Rs 915 against the previous close of Rs Rs 869.30 on BSE. Market cap of the firm climbed to Rs 12,383 crore.
"Board of Directors has declared and approved Interim Dividend of Rs. 2 (100%) per equity share of Rs. 2/- each for the financial year 2024-25. With reference to Company's letter dated 20" December 2024 and pursuant to Regulation 42 of the Listing Regulations, the Company has fixed Friday, 3 January 2024 as the record date for determining entitlement of Members for payment of Interim Dividend for FY2024-25," said the firm.
"The Board has proposed to issue Bonus Shares to its equity shareholders in the proportion of 3: 1 i.e. 3 (Three) new fully paid-up equity share of Rs. 2/- (Rupees Two) each for every 1 (One) existing fully paid-up equity share of Rs 2/-(Rupees Two) each," the firm added.
The company proposes to issue 41,46,05,700 equity shares of Rs. 2 each will be issued as bonus shares, it added.
The stock has gained 94.25% from its 52 week low of Rs 454.75 reached on December 29 last year. The stock has surged 91.26% in a year.
In terms of technicals, the relative strength index (RSI) of Redtape shares stood at 57.4, signaling they are trading neither in the overbought nor in the oversold zone. Redtape shares have a one-year beta of 0.5, indicating very low volatility during the period. Redtape shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day averages.
Redtape is engaged in the business of retail sale of footwear, garments & apparels and allied products and is also a manufacturer of footwear.