EIH Associated Hotels rose 7.51% to Rs 908.15 after its board approved the issue of one new bonus equity share for every one existing equity share held by the shareholders as on record date.
The record date has been fixed as 29 July 2024 for determining the list of eligible shareholders entitled for bonus issue.The bonus equity shares will be issued by capitalization of securities premium as on 31 March 2023.
A total sum of Rs 30.46 crore would be utilized from the securities premium for implementation of this bonus issue.
The total free reserves with the company at the end of FY24 were Rs 107.70 crore and an amount of Rs 30.46 crore will be appropriated from securities premium for issuance of bonus shares.
The said bonus shares would be credited within 2 months from the date of approval of board of directors, which is on or before 13 August 2024.
EIH Associated Hotels is an associate company of EIH, the flagship company of the Oberoi Group, one of the largest and most well-known hospitality groups in India. EIH holds 36.81% stake in EIH Associated Hotels.
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The company reported a 40.71% jump in net profit to Rs 36.81 crore on 22.88% increase in revenue from operations to Rs 132.49 crore in Q4 FY24 over Q4 FY23.
The counter hit an all time high of Rs 925.50 in todays intraday session.
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