Bonus shares issue in 1:1 ratio announced by this company. Details here

“The board recommended Issue of Bonus Shares in the ratio of 1 (one) Bonus Equity Share against 1 (one) existing Equity Share, subject to approval of shareholders of the Company. The Record Date will be intimated in due course,” the company announced in an exchange filing. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

Though, the company added that the matter relating to Sub division or stock split of equity shares of the company was not approved by the board.

Meanwhile, the board has approved the appointment of Sarat Kumar Mohanty as Chief Financial Officer (CFO) of the company with effect from 17th October, 2022.

It has also approved the reclassification and increase in Authorised Capital and make necessary changes in the Memorandum of Association of the Company, subject to approval of shareholders.

For the second quarter ending September 2022 of the current fiscal, the company’s net profit rose 94% to ₹176.5 crore as against ₹91 crore during the previous quarter ended September 2021. Meanwhile, its revenue during Q2 FY23 rose 48% to ₹1,414 crore from ₹951 crore in the year ago quarter.

Maharashtra Seamless Ltd (MSL) is engaged in manufacturing of Seamless and ERW steel pipes & tubes, incorporated during year 1988. MSL is a flagship company of D P Jindal Group and is led by Executive Chairman D.P Jindal & Managing Director Saket Jindal. Maharashtra Seamless has diversified its business portfolio in Renewable Power generation and acquisition of a stake in an iron ore mine in Amapa, Brazil.

Maharashtra Seamless shares have surged more than 74% in a year’s period whereas the steel pipemaker stock is up over 72% in 2022 (year-to-date or YTD) so far.