By Malvika Gurung
Investing.com — Shares of Gensol Engineering (NS:) hit an all-time high and were locked in at a 5% upper circuit of Rs 2,119.45 apiece on Wednesday after the engineering, procurement, and construction (EPC) services provider announced an issuance of bonus shares in a 2:1 ratio.
Gensol Engineering’s Board of Directors approved a bonus share issue proposal at a Board meeting held on Tuesday.
The Board announced to issue or award two fully paid bonus equity shares of Rs 10 each for every one existing fully paid-up share of Rs 10 each held by its shareholders as on the record date, at no additional cost, in a Special Resolution.
This translates to a bonus issue ratio of 2:1. The record date for the said corporate reward is yet to be determined by the company’s Board.
The bonus equity shares so allotted shall rank pari passu in all respects with the fully paid-up Equity Shares, the small-cap company stated.
The construction engineering company will conduct its 11th Annual General Meeting (AGM) on Friday, September 29, 2023, through video conferencing.
Shares of Gensol Engineering have been rising continuously for five days in a row, jumping 21.5% in the period, and have locked in 5% upper circuits three times in these five sessions.
The stock has rallied 98.74% so far in the calendar year 2023.