FMCG stock GRM Overseas announced on Monday that the board will meet on Tuesday, December 9, to consider and approve bonus shares.
The FMCG stock was down 2.24%, ended the Monday’s session at ₹470 on NSE. The stock has gained 49.92% in six months and has multibagger returns of whopping 136% in one year.
GRM Overseas board meeting details
In an exchange filing, FMCG company GRM Overseas stated that the board will conduct an Extraordinary General Meeting (EGM) on Tuesday, December 9, to consider and approve an increase in authorised share capital and a bonus share issue.
The company is looking to increase its authorised share capital from ₹20 crore to ₹45 crores. “The members of the Company be and is hereby accorded to increase the Authorized Share Capital of the Company from the existing Rs. 20,00,00,000 (Rupees Twenty Crores Only) divided into 10,00,00,000 (Ten Crores Only) equity shares of Face Value Rs. 2/- (Rupees Two Only) each to Rs. 45,00,00,000 (Rupees Forty-Five Crores Only) divided into 22,50,00,000 (Twenty-Two Crores and Fifty Lakhs) equity shares of Face Value Rs. 2/- (Rupees Two Only) each, ranking pari-passu in all respects with the existing equity shares of the Company,” the company said in the filing.
The board will also consider and approve the allotment of bonus shares to its eligible shareholders.
“The Memorandum and Articles of Association of the Company and subject to such approvals as may be necessary, consent of the members of the Company be and is hereby accorded to the Board for capitalization for of a sum not exceeding INR ₹27,62,80,000/- (Rupees Twenty-Seven crore Sixty-Two lakh Eighty thousand Only) out of the securities premium account and/or any other permitted free reserve of the Company, as may be considered appropriate for the purpose of issue and allotment of bonus shares of face value of INR 2/- (Rupees Two Only) each, credited as fully paid up equity shares to the holders of the existing fully paid up equity shares of the Company, whose names appear in the Register of Members / Register of Beneficial Owners on such date (“Record Date”) as may be fixed by the Board in this regard, in the proportion of two (2) equity shares as bonus share for every one (1) existing fully paid up equity shares held by the members and that the bonus equity shares so issued and allotted shall, for all purposes, be treated as an increase in the paid-up capital of the Company held by each such member/ beneficial owner,” it added.
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