Shares of MAAN Aluminium jumped 19 per cent to INR 296.60, surpassing the previous high of INR 258.55 on February 3 and reaching a 52-week high on the BSE in Tuesday's intra-day trade, following the company's announcement that its board of directors would meet to consider the bonus issue and stock split plan.
As per the report, the board of directors will meet on Friday, June 9, to discuss the proposal for a sub-division/split of the equity shares of MAAN Aluminium, each with a face value of INR 10. They will also talk about the issue of bonus shares to shareholders, said MAAN Aluminium in an exchange filing.
Bonus shares are additional shares given to the current shareholders without additional cost, depending on the number of shares a shareholder owns.
A stock split is a corporate action whereby companies increase the number of shares issued to shareholders. Companies often choose to split stocks to lower the trading price so that most investors can comfortably buy stocks, boosting the companies' liquidity.
In the past one year, the company's shares have zoomed 145 per cent against 12.5 per cent rally in the benchmark index.
MAAN Aluminium is one of India's pioneers in the aluminium extrusion industry. In FY2022-23, the company recorded a 42 per cent year-on-year increase in revenue and 131 per cent surge in net profit.
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