Shares of RedTape, a small-cap stock, surged over 5% on Thursday, December 26, reaching an intraday high of ₹915.
This sharp rise came after the company made a significant announcement regarding dividend payment and bonus share issuance during its board meeting held today.
Bonus Share Details
The board proposed issuing bonus shares to equity shareholders in the ratio of 3:1, meaning investors will receive three new fully paid equity shares for every existing share they own.
As per the company’s filing, 41,46,05,700 equity shares of ₹2 each will be issued as bonus shares, pending approval from the company’s members. However, the record date for this bonus share issue is yet to be announced.
Additionally, RedTape declared an interim dividend of ₹2 per share for its shareholders. The company has set January 3 as the record date to determine eligibility for this dividend.
and the record date for the bonus share issue is yet to be announced. Along with this, RedTape also declared an interim dividend of ₹2 per share for its shareholders.
Company Statement
In a stock exchange filing, RedTape stated, “The board members have declared and approved an interim dividend of ₹2 (100%) per equity share for the financial year 2024-25.”
Stock Performance
RedTape’s stock saw a 5.25% rise following the announcement, hitting an intraday high of ₹915 on the BSE. The stock is currently just 7% below its 52-week high of ₹981.80.
It has more than doubled from its 52-week low of ₹454.75. With a market capitalization of around ₹12,400 crore, RedTape is a part of the BSE Smallcap Index.
RedTape is part of the BSE Smallcap Index and has a market capitalization of around ₹12,400 crore.
