Maharatna PSU Company To Soon Consider Declaration Of Bonus Issue, Shares Jump

Maharatna company Power Grid Corporation Of India Ltd informed BSE today that board of directors of the company will consider and approve declaration of bonus shares in its upcoming meeting to be held on July 31, 2023. Power Grid Corporation shares rallied 1.52% intraday to end at Rs 251.15 apiece on Tuesday. Power Grid Corporation stock witnessed a rally of 17% year-to-date. Check details below:

Power Grid Corporation To Consider Bonus Issue On July 31: According to the BSE filing of Power Grid Corporation dated July 25, 2023, "In terms of Regulation 29 & 50 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the meeting of the Board of Directors of the Company will be held on Monday, 31st July, 2023 to consider and approve the following Agenda Items:

1. Declaration of Bonus shares subject to approval of shareholders of the Company,

2. Raise funds up to ₹ 12,000 Crore, from domestic market through issue of secured, and / unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement during the Financial Year 2024-25 in one or more tranches/offers subject to the approval of shareholders of the Company,

3. Unaudited Financial Results of the Company for the Quarter ended 30th June, 2023 after these Results are reviewed by the Audit Committee.

Power Grid Announced Bonus Issue History: According to Trendlyne, Power Grid Corporation of India offered 1 bonus since July 29, 2021. The last Bonus the company declared was in the proportion of 1:3 and its ex-bonus date was July 29, 2021.

Power Grid Corporation Stock Outlook & Return Over Years: Power Grid shares last trading price is Rs 251.15 apiece with intraday gain of 1.52%. Its 52-week high price is Rs 263.65 per share and 52-week low price is Rs 186.35 per share, respectively. It has a market capitalisation of Rs 1,75,188.50 crore. Power Grid Corporation shares offered 15% return in last 6-months, gave return of 21% in last 1-year, jumped 44% in last 2-years, and rose 84% in last 3-years.

Power Grid Corporation About: Power Grid Corporation of India Limited (POWERGRID), is a Schedule 'A', 'Maharatna' Public Sector Enterprise of Govt. of India which was incorporated on 23rd Oct 1989 under the Company Act, 1956. It is a listed Company, with 51.34% holding of Government of India and the balance is held by Institutional Investors and public, according to its official website.

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