The manganese-ore miner will issue five new fully paid-up equity shares of Rs 10 each for every one existing fully paid-up equity share of Rs 10 each held by the eligible shareholders as on the record date.
The company said that it will credit the bonus shares to the eligible shareholders within 2 months from the date of boards’ approval, on or before 16 February 2024.
Meanwhile, the board has also approved the proposal of increasing the authorised share capital of the company to Rs 200 crore from Rs 150 crore and the consequent alteration of capital clause of the memorandum of association (MOA) of the company.
Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.
The company's consolidated net profit rose 23.31% to Rs 26.98 crore on a 61.38% fall in sales to Rs 184.81 crore in Q2 FY24 as compared with Q2 FY23.
The counter hit an all-time high of Rs 2,545.70 in today’s intraday session.