Receipt of In Principle approval from BSE Limited for Bonus Issue of 92,45,000 equity shares
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Chandra Prabhu International Ltd has received in-principle approval from BSE for issuing up to 92,45,000 bonus equity shares of Rs. 2 each. The bonus will be issued in the ratio of 1 new share for every 2 existing shares held (1:2). The company still needs shareholder approval and other regulatory clearances before the bonus shares can be allotted. The record date for determining eligible shareholders will be announced separately.
This is a positive development for shareholders as bonus shares will increase their holdings once allotted. However, the ratio of 1:2 is moderate and bonus issues typically dilute earnings per share without changing the company's overall valuation.