Salasar Techno Engg hits record high after board OKs 4:1 bonus issue

The company will issue four new fully paid-up equity shares of Rs 1 each for every one existing fully paid-up equity share of Rs 1 each held by the eligible shareholders as on the record date.

The firm said that it will credit the bonus shares to the eligible shareholders within 2 months from the date of board meeting wherein the decision of bonus shares issue was taken subject to the approval of the shareholders.

The bonus equity shares will be issued out of securities premium account of the company available as at 30 September, 2023.

Meanwhile, the company?s board has also approved the proposal of increasing the authorised share capital of the company to Rs 175 crore from Rs 35 crore and the consequent alteration of capital clause of the memorandum of association (MOA) of the company.

Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment.

The company's consolidated net profit jumped 21.8% to Rs 9.06 crore on a 6.4% increase in sales to Rs 275.35 crore in Q2 FY24 over Q2 FY23.

The scrip slipped 1.21% to Rs 60.45 on the BSE. It also hits all-time high at Rs 64.75 intraday today.

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