NBCC India to Issue 1:2 Bonus Shares

03 Sep 2024 CW Team

State-owned NBCC (India) Ltd has announced the issuance of bonus shares in a 1:2 ratio, meaning one new equity share for every two existing shares held by eligible shareholders. The company will utilize Rs.90 crore from its free reserves to issue these 900 million bonus shares.

The decision, which reflects NBCC's strong financial performance and solid reserve base of Rs.19.59 billion, is subject to shareholder approval at the upcoming Annual General Meeting. The record date for determining eligibility to receive the bonus shares is set for October 7, 2024.

NBCC Chairman and Managing Director K P Mahadevaswamy stated that the bonus issue underscores the company's robust performance and commitment to enhancing shareholder value. NBCC has achieved its highest-ever turnover and profit for the financial year 2023-2024.

With an order book of over Rs.813 billion, NBCC is focusing on redevelopment, PSU land monetization, real estate development, overseas expansion, and project management consultancy, aligning with its vision of contributing to a "Viksit Bharat."

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