“The Board of Directors has recommended the issue of bonus shares to the shareholders of the company in a ratio of 1:2, i.e. a new fully paid-up issue. shareholding of Rs 1 each for every two shares existing to eligible members as on the record date,” the company said.
The company proposes to issue Rs 90 crore worth of shares as bonus shares.
“Free reserves of Rs 90 crore will be utilised for issue of bonus shares,” NBCC said.
This is subject to approval by the shareholders at the upcoming Annual General Meeting. The Board has fixed October 7, 2024, as the record date for determining the eligibility of members to receive bonus shares. NBCC said it has a balance of Rs 1,959 crore as reserves and surplus for capitalisation. Company Managing Director KP Mahadevaswamy said, “The decision to recommend a bonus issue “It is a testimony to the strong performance and sound financial position of NBCC India Limited.”
The company also achieved its highest-ever turnover, business development and profits for the 2023-2024 financial year, it added.
“This initiative is aimed at enhancing shareholder value and demonstrates our dedication towards investors. We believe this initiative will further strengthen the confidence of our shareholders and reflect our continued commitment to value creation,” Mahadevaswamy said.
The last bonus announced by NBCC (India) was in 2017 in a ratio of 1:2.
“NBCC, with its strong order book of over Rs 81,300 crore and strategic focus on redevelopment, PSU land monetisation, real estate development, overseas expansion and PMC works, is well positioned to contribute to a Viksit Bharat,” he said.
NBCC is primarily engaged in project management consulting (PMC) and real estate business.
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