Jindal Worldwide hits 52 week high as board OKs proposal to issue bonus shares in 4:1 ratio

Under the proposal, eligible equity shareholders will receive four new fully paid-up equity shares for every one existing share they hold, with the record date to be announced separately. The bonus shares will be issued from the company's free reserves and securities premium account as of 31 March 2024.

Currently, the company's paid-up share capital stands at Rs 20.05 crore, with 20,05,20,400 fully paid-up equity shares. After the bonus issue, the paid-up share capital will rise to Rs 100.26 crore, with 100,26,02,000 shares outstanding.

The final number of bonus shares will be determined based on the total shares held as on the record date. The free reserves required for the bonus issue amount to Rs 80.21 crore. The bonus shares are expected to be credited or dispatched to shareholders by 6 March 2025, within two months of the board's approval.

Jindal Worldwide is engaged in the textiles sector and the main business activities are related to manufacturing of denim fabric, premium shirtings, yarn dyeing, bottom weights and home textiles through its various internal divisions.

The company's consolidated net profit jumped 35.92% to Rs 17.33 crore on 45.68% increase in revenue from operations to Rs 570.80 crore in Q2 FY25 over Q2 FY24.

The scrip hit 52 week high at Rs 470.95 in intraday today.

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