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Last day to be eligible for bonus share issuance of Bharat Petroleum: Bharat Petroleum Corporation Limited (BPCL) has announced issuance of bonus shares at 1:1 ratio with effect from June 22. Today is the last day shareholders can purchase shares to qualify for this bonus.
Date of Record and Qualifications of BPCL Shareholders
In May, BPCL had announced plans to issue bonus shares at a 1:1 ratio. This means that for each share held, shareholders will receive one additional share. The company plans to increase its equity capital to Rs 4,338.50 Crore by issuing a total of 216.92 Crore shares as bonus.
“We wish to inform you that the Board of Directors has recommended issuance of bonus shares in the ratio of 1:1, i.e. one new bonus share of Rs. 10/- each for each existing equity share of Rs. 10/- each to be paid in full subject to shareholder approval through postal vote,” the company's regulatory filing said.
The company's board of directors has set Saturday, June 22 as the record date for determining shareholders' eligibility to receive bonus shares.
Previously, as of July 13, 2017, 7 years ago, the company announced free shares at a 1:2 ratio of 1 share for every 2 shares held by equity holders.
Should you buy, sell or hold BPCL stock?
Jefferies lowered the target to Rs 730 from Rs 890 and maintained a 'buy' rating on OMC stock. Citi also maintained a 'buy' rating on the company, raising its previous target to Rs 760 from Rs 750.
State-owned OMC BPCL has also recommended a final dividend of Rs 21 per share for FY24.
“The Board of Directors recommended a final dividend of 5 million won. 21/- par value Rs.10/- per share (pre-bonus), final dividend of Rs.10.5/- per share (par value Rs.10/- per share) (post-bonus) to the next annual shareholder. “It must be approved by shareholders at the general meeting (AGM),” he added.
According to the documents, the final dividend will be paid within 30 days from the date of declaration of the general shareholders' meeting, and the final dividend record date will be announced separately.
In the last one year, BPCL stock price has risen 68.2%, and in the last two weeks alone, it has risen 7.20%. BPCL stock on Thursday closed 1.7% higher at Rs 626.30 on the BSE.
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