Multibagger Financial Services Entity Recommends Bonus Share Issue: Check Details

Bonus shares are the additional shares that shareholders of a company get in a certain proportion. For the issuance of the same, cash lying in free reserves and surplus of the company is moved to capital and then from this additional fresh capital fresh shares are issued to eligible shareholders in a specific ratio.
Likewise, a multibagger scrip-Choice International with 1-year return of 218% from the financial services firm has announced bonus share issue. Notably, the scrip a year ago on August 4, 2021 was priced at Rs. 136.05, while its price as of today- a year later is at Rs. 433.3 per share on the NSE.
Bonus share details: The board of the company has recommended bonus share issue in the ratio of 1:1 i.e. one share for each fully paid up equity share. “Consequent to the bonus issue, thetotal paid up share capital will be Rs. 99,51,20,000/- from the existing Rs.49,75,60,000/-. The bonus issue of equity shares is subject to the approval of the Shareholders at the 29th Annual General Meeting (“AGM”) and any other applicable statutory and regulatory approvals, as may be required. The Company will inform in due course the Record date for determining entitlement of theshareholders to receive Bonus Shares.
The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the issue and allotment of such Bonus Shares”, added the company filing.
Choice International Q1Fy23 results: Also, the company announced its June quarter results with total income from operations logging gain both sequentially as well as YoY. The revenue from operations for the period under review stood at Rs. 2.9 crore. Net profit however registered a decline YoY from Rs. 0.79 crore in June 2021 to Rs. 0.53 crore in the review period.
About the company: Choice International Limited is one of India’s leading Financial Services conglomerate catering not only domestically but also globally. The company in presence since 1993 has become a go-to Finance company for a large number of individuals and institutions. The company’s services range from management consulting, taxation, investment banking, IPO, corporate finance, merchant banking, GST, Accounting and compliance, international business consulting, business advisory and stock markets investment and trading among others.