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Bonus share news: RedTape shares rallied 5.2 per cent on the BSE in Thursday’s intraday trade to hit a high of Rs 915 per share. By comparison, the BSE Sensex was down 8 points at 78,465 level at 2:25 PM.
The rally in RedTape share price came after the company made a bonus share announcement.
In a Board meeting held today, the Board of Directors of the company proposed to issue Bonus Shares to its equity shareholders in the proportion of 3:1 i.e. three new fully paid-up equity shares of Rs 2 each for every one existing fully paid-up equity share of Rs 2 each.
41,46,05,700 equity shares would be issued as Bonus shares , the company said.
RedTape Dividend News
That apart, the Board of Directors declared and approved Interim Dividend of Rs 2 (100 per cent) per equity share of Rs 2 each for the financial year 2024-25.
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“With reference to the company's letter dated December 20, 2024, the company has fixed Friday, January 3, 2024, as the record date for determining entitlement of Members for payment of Interim Dividend for FY25,” it said in its statement.
About RedTape
RedTape is one of India’s footwear and clothing brands for men, women, and Kids. Its products are sold under various brands, including ‘RedTape’, ‘Mode’, and ‘Bond Street’.
RedTape share price history
The smallcap stock has surged 85 per cent thus far in the current calendar year (till December 25, 2024) as against a 9 per cent gain in the benchmark BSE Sensex index.
The stock hit a record high of Rs 981.8 per share on November 4, 2024, and an all-time low of Rs 410.5 per share on September 7, 2023.
At the time of writing of this report, RedTape’s market cap stood at Rs 12,419.5 crore on the BSE.
The stock has a price-to-earnings (P/E) ratio of 80.24x and a return on equity (RoE) of 22.48 per cent, as per BSE website.
RedTape Financials
Redtape reported a consolidated net profit of Rs 25.07 crore in the September quarter of the current financial year (Q2FY25). This was a 9.63 per cent year-on-year (Y-o-Y) decline compared to Rs 27.74-crore profit in Q2FY24.
Revenue from operations, however, was up 28.05 per cent Y-o-Y during the quarter to Rs 415.80 crore.
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