Veerkrupa Jewelers, a mid-market small-cap jewelry company, has announced a stock split and bonus share offering. The board of Veerkrupa Jewelers has also approved this. The company has informed the stock exchanges about the corporate action through a stock exchange filing.
The Company’s Management Board has considered and approved the issue of bonus shares in a ratio of 2:3. This means that all eligible shareholders will receive two bonus shares for every three shares they hold on the specified record date, which will be announced later.
At the same time, the Board of Directors of Veerkrupa Jewelers also approved the share split at a ratio of 1:10. This implies that each share of the company, valued at Rs 10 each, is split into 10 shares of Rs 1 each. The foregoing corporate action is subject to required approvals and approvals.
Shares in Veerkrupa Jewelers soared 5 percent to Rs.135.65 on Friday after announcing a stock split and bonus issue, hitting a new record high. The scrip had settled at Rs 129.35 on Thursday. The stock is up more than 135 percent over the past six months.
The board of Veerkrupa Jewelers has decided to hold an extraordinary general meeting by postal vote and will issue an invitation to do so shortly, the company’s registration application added.
Veerkrupa Jewelers was listed on the BSE’s SME platform in July 2022 after raising Rs 8.1 crore via its initial public offering (IPO). The company sold its shares at 27 rupees apiece. The stock is up about 3405 percent since its IPO issue price.
Veerkrupa Jewelers is engaged in the jewelry business, including the sale of silver, gold, rivets and other jewelry products, including diamonds, platinum and other precious and semi-precious stones. The company has two showrooms in Narol and Naroda (Gujarat).
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