Allcargo Logistics is making waves as its shares trade ex-bonus following the board’s declaration of a 3:1 bonus issuance, with a record date set for January 2, 2024.
Mumbai, January 02, 2024 – Allcargo Logistics is under the spotlight today as its shares trade ex-bonus, following the announcement of bonus shares in a 3:1 ratio. The board of directors had previously declared this bonus issuance during its meeting on November 10, 2023, and has now fixed January 2, 2024, as the record date for determining eligible shareholders.
In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Allcargo Logistics informed the Indian stock market exchanges about the bonus shares. The company stated, “The Board of Directors considered and approved the issue of bonus shares by capitalizing a sum not exceeding ₹147,41,73,144/- out of the sum standing to the credit of Free Reserves of the Company.” This amounts to Rupees One Hundred Forty-Seven Crores Forty-One Lakhs Seventy-Three Thousand One Hundred Forty-Four only.
The logistics firm further specified that the bonus shares, issued in the proportion of 3:1, would be treated as a nominal increase in the equity share capital of the company for eligible shareholders whose names appear in the Register of Members/Beneficial Owners’ position on the Record Date.
Regarding the record date, Allcargo Logistics later informed that January 2, 2024, has been fixed for the purpose of ascertaining the eligibility of shareholders for the bonus share allotment. The approval of shareholders will be sought through a postal ballot via e-voting.
This marks the second instance of Allcargo Logistics shares trading ex-bonus, with the previous occurrence on December 30, 2015, for the issuance of bonus shares in a 1:1 ratio. Investors are keenly watching the developments as the logistics company aims to reward its shareholders with the additional equity.