Dividend-paying paper stock to soon give 1:10 bonus shares. Details here
Ruchira Papers Ltd. is a paper industry small-cap firm with a market worth of Rs. 339.28 crores. The firm currently produces writing, printing, and Kraft goods on a 400 TPD paper farm that is professionally operated. The company offers a wide variety of papers that are ideal for printing, stationery, and packaging purposes. To the eligible shareholders whose names are listed as of the record date, set as October 10, 2022, the Board has approved bonus shares.
The company has said in a regulatory filing that “In appreciation of continuing support from shareholders of the Company, as recommended by the Audit, the Board of Directors at its meeting held on 30th August 2022, subject to consent of the Members of the Company, approved and recommended issue of bonus equity share of Rs. 10/- (Rupees Ten only) each as fully paidup to eligible members of the Company in the proportion of 1:10 i.e. 1 (One) new fully paid-up equity share of Rs. 10/- (Rupees Ten only) each for every 10 (Ten) existing fully paid-up equity shares of Rs.10/- (Rupees Ten only) each held by them, by capitalizing a sum not exceeding Rs. 2,71,31,810/- (Rupees Two Crore Seventy One Lakh Thirty One Thousand Eight Hundred Ten only) out of Free reserves and securities premium account of the Company.”
The Board has also recommended a dividend payment of Rs. 2 per equity share with a face value of Rs. 10 for the fiscal year 2021–2022, subject to shareholder approval at the ensuing annual general meeting. In order to determine the eligibility of the shareholders for the purpose of bonus shares and dividend payments, the company has announced the record date too.
The company has said in a regulatory filing that “The Board has fixed Monday, 10th Day of October 2022 as record date for the purpose of determining the members entitled to receive bonus shares. The Board has fixed Saturday, 10th day of September 2022 as rccord date for the purpose of determining the members entitled to receive final dividend for the financial year 2021-22. Provided, if the dividend as recommended by the Board of Directors is approved at the AGM, payment of such dividend will be made on or after 12th October 2022.”
The shares of Ruchira Papers opened today at ₹134.30 and are currently trading at a downside gap of 6.02% at ₹125.70 apiece. In the last 1 year, the stock has gained 46.25% and on a YTD basis, the stock has gained 59.11% so far in 2022. For the quarter ending September, the company recorded a promoter shareholding of 67.88%, FIIs holding of 0.18%, and a public shareholding of 31.94%.
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