This metal stock sets a record date for a 1:2 bonus issue and announces a 700% dividend

Ratnamani Metals & Tubes Ltd is a mid-cap company with a market capitalization of 12,065.17 Crore is active in the metal industry. Ratnamani’s manufacturing plants are located in Gujarat, India, in Chhatral & Indrad (near Ahmedabad) and Bhimasar (near Gandhidham, Kutch). The company’s production and testing resources produce a wide range of nickel/stainless steel alloy pipes and tubes, stainless steel welded pipes and tubes, titanium welded pipes, carbon steel welded pipes and stainless steel pipes/ carbon steel.

The company’s board of directors reviewed and recommended the issue of bonus at the ratio 1:2, as well as a dividend of Rs 14.00 per equity share (ie @ 700 %) for the financial year ends March 31, 2022, subject to shareholder approval.

In the BSE exchange filing, the company said “The Board of Directors has reviewed and recommended a bonus issue at a ratio of 1:2 i.e. One new bonus share of Rs. 2/- each party, subject to the consent of the members and any other applicable statutory and regulatory approvals via postal ballot. Furthermore, bonus shares will be credited to members who are holding equity shares on a record date of Friday, July 1, 2022.”

In addition, the company informed the BSE by saying that “The Board of Directors has proposed a Dividend of Rs 14.00 per Equity Share (ie @ 700 %) above 4,67,28,000 Equity Shares, each Rs. members, converted into a dividend of Rs 9.33 per equity share, having a par value of Rs 2/- each (after bonus), for the financial year ended 31 March 2022 , subject to the approval of the Members at then the 38th Annual General Meeting of Shareholders of the Company. Dividends, if approved by members at the next AGM, will be paid to members subject to withholding tax at source on or before September 8, 2022.”

Ratnamani Metals and Tubes stock closed at 2,582 on Friday, down 0.066% from the previous close of 2583.70. In the previous year, the stock is up 27.80%, and year-to-date (YTD), the stock is back up 34.66% so far in 2022. The stock hit a 52-week high of… 2,864 on June 3, 2022 and the 52-week low is 1,855.60 as of December 24, 2021, meaning it is now up 39% from the 52-week low and down 9% from the 52-week high. The stock has traded above the 20-day, 50-day, 100-day and 200-day moving averages but below the 5-day moving average based on the last traded price.

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