Choice International to issue 1:1 bonus shares to shareholders
The company's board approved the bonus issue and a proposal to increase authorised share capital, according to The Economic Times.
Choice International has announced that its board of directors approved a 1:1 bonus issue. This marks the first such corporate action by the company in two years, reported by The Economic Times.
Under the plan, shareholders will receive one bonus share for every share they hold as of a record date. The company stated it will announce the specific record date for eligibility at a later time.
The board also approved a proposal to increase the authorised share capital from Rs 225 crore to Rs 447.80 crore. This increase, which involves 44.78 crore shares with a face value of Rs 10 each, is subject to approval from shareholders.
The company expects the bonus shares to reach shareholders' accounts within a two-month period. On Tuesday, Choice International shares rose nearly 2 per cent to a high of Rs 764 on the NSE.
In its Q2 earnings report, Choice International recorded its strongest quarterly performance. Consolidated revenue for the July-September quarter of FY27 rose 33 per cent year-on-year to Rs 379 crore.
The company's consolidated net profit increased over 18 per cent year-on-year to Rs 69.5 crore. During the same period, EBITDA grew 32 per cent year-on-year to Rs 131 crore.