Railway PSU RITES Ltd has announced double rewards for its investors – a 25% dividend along with a 1:1 bonus issue.
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RITES bonus issue
The company has announced a bonus issue in the ratio of 1:1.
“…The issuance of Bonus shares to the shareholders of the Company in the ratio of 1:1, i.e. 1 (One) bonus equity share of Rs.10/- each fully paid-up for every 1 (One) existing equity shares of Rs.10/- each fully paid- up, to the eligible members by capitalizing a sum not exceeding Rs. 240,30,18,870.00 (Rupees Two Hundred Forty Crore Thirty Lakh Eighteen Thousand Eight Hundred and Seventy only) out of the sum standing to the credit of ‘Capital Redemption Reserve and Free Reserves, subject to the approval of shareholders,” the company said in an exchange filing.
This means that RITES will issue 1 (one) bonus equity share of Rs.10/- each fully paid-up for every 1 (one) existing equity share of Rs.10/- each fully paid-up to eligible members by capitalising a sum not exceeding Rs. 240,30,18,870.00 from the Capital Redemption Reserve and Free Reserves.
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RITES dividend
“… Board of Directors of the Company in its meeting held today i.e. Wednesday, July 31st , 2024 has inter-alia approved… interim dividend for the Financial Year 2024-25 at the rate of ₹ 2.50 per share (25% of paid-up share capital) of the Company,” the company said in an exchange filing.
RITES dividend record date
The company has fixed the record date on Thursday, August 08, 2024.
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RITES share price
Shares of railway PSU closed at Rs 715.15 per share, down 5.37 per cent from the previous close of Rs 755.75 per share on Wednesday.
RITES share price history
According to BSE data, the railway stock has gained over 3% in the last one week however, it dipped by 3.78 per cent in the last two weeks. Furthermore, the stock has surged 4.52 per cent in the last three months and surged by 42.40 per cent on YTD. Over the last two and three years, the stock has gained 171.87 per cent and 158.27 per cent, respectively.
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