Spright Agro Limited, founded in 1994, is a leading company in the food and agricultural sectors, offering a wide range of services and products. These include contract farming, greenhouse technology, modern agricultural practices, organic farming, cold storage, aeroponics, hydroponics, B2B agriculture solutions, a B2C retail chain, and export services.
Recent Developments
The company recently announced a bonus share issue in a 1:1 ratio, which has affected its stock performance. On Monday, shares closed at Rs 12.41, reflecting a decline of 4.98% on the Bombay Stock Exchange (BSE).
Bonus Shares Details
- Announcement Date: The Board of Directors approved the bonus issue on October 11, 2024. The record date for shareholders will be announced following an Extraordinary General Meeting.
- Share Capital Structure: Spright Agro’s current paid-up share capital is Rs 53.57 crore, with 53,57,53,771 equity shares. Post-bonus issuance, the paid-up capital will increase to Rs 107.15 crore.
- Source of Bonus Shares: The bonus shares will be issued from the Securities Premium Account, which has a balance of Rs 46.41 crore as of September 30, 2024. The remaining amount will come from the General Reserves.
Share Allotment Process
The bonus shares will be credited to shareholders’ dematerialized accounts through their Depository Participants. For those holding physical shares, the shares will be moved to a suspense account until the necessary processes are completed, in accordance with SEBI guidelines.
Market Insights
Analysts suggest that while Spright Agro’s stock is currently bearish and may be oversold, there is a strong resistance level at Rs 14.9. If the stock closes above this level, a target price of Rs 19.85 is possible in the near term, with support identified at Rs 11.
This announcement regarding bonus shares, along with the company’s market performance, is likely to influence investor sentiment and the future direction of Spright Agro’s stock.
Disclaimer: This document is for informational purposes only and should not be considered investment advice. The information provided regarding Spright Agro Limited, including details on bonus shares and market performance, is based on publicly available sources and may be subject to change. Investors should conduct their research and consult with a qualified financial advisor before making any investment decisions. The author and publisher of this content are not responsible for any financial losses or gains incurred from the use of this information.
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