Phoenix Mills Limited Board of Directors has announced A 1:1 bonus issue of equity shares of Phoenix Mills Ltd will be a great reward for those investors associated with the company. This means that for every one fully paid for equity share, each shareholder will be entitled to one more equity share or twice as many shares as they first held.
This decision was taken in the company’s 119th Annual General Meeting held on 13 September 2024. The additional shares will be issued to the shareholders in the company register as per the end of business on Record Date 21st September 2024. It has to be done subject to meeting statutory and/or regulatory requirements as the law may allow.
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Phoenix Mills Ltd Bonus Share Details
This bonus issue is being done to reward investors who have held their stocks for an extended, as well as to increase the floats of the company’s shares. After the bonus issue, the total paid-up share capital of Phoenix Mills will rise from Rs. 35. 74 crore to Rs. 71.49 crore.
- Share Bonus Ratio: 1:1 (One bonus share for every one existing share)
- Record Date: On Saturday, September 21, 2024
- Face Value of Shares: Rs. 2 each
- Total Number of Bonus Shares Issued: 17,87,44,921 equity shares
- Capitalization from Free Reserves: Rs. 35.74 crore will be transferred from the company’s free reserves (retained earnings) for the bonus issue.
Existing shareholders of Phoenix Mills will receive bonus shares as those who have the shares on the record date. This essentially builds up their stake in the company without them having to come out and buy more of the shares. This means if an investor has 1 share of the company then the company will give 1 more share as a bonus the total number of shares will be (1+1)=2. but to get this bonus share the shares must be in the Demat account before 21st September 2024. Check the Company bonus declared pdf file here.
When will the bonus shares be credited to the demat account?
As for the bonus shares, after all the regulatory approvals have been obtained, bonus shares should be credited to the respective shareholders’ demat accounts on September 30, 2024.
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