Axita Cotton Ltd Board Approved 1:3 Bonus Issue of share; Stock Surge by 2.56%
Nov 28, 2023
PNN
New Delhi [India], November 28: The Board of Directors of AXITA COTTON LIMITED in its meeting held on November 23, 2023 Approved issuance of 1 (One) bonus share of Rs 1/- each for existing 3 (Three) equity shares of Rs 1/- each fully paid up, subject to the shareholders' approval.
Under the proposed stock bonus, each shareholder of record as of record date will be entitled to receive one (1) additional share of common stock for every three (3) shares of common stock held on that date.
The Board of Directors believes that the stock bonus is a testament to the company's strong financial performance and its commitment to rewarding shareholders for their investment.
The company has a history of delivering robust financial performance and consistently rewarding its shareholders through dividends and other value-enhancing initiatives. This latest stock bonus announcement further reinforces AXITA COTTON LTD's dedication to delivering superior returns to its shareholders. The company has a history of returning value to shareholders through dividends and share repurchases, and the stock bonus is another example of this commitment.
Axita Cotton Limited has issued two bonus issues in the past. The first bonus issue was announced on December 26, 2019 in ratio of 1:1 and the second bonus issue was announced on January 11, 2022 in ratio of 2:1.
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