Bonus shares are additional shares issued out of the reserves of the company and paid to current shareholders based on their shareholding record on the record date. Bonus shares augment the company’s outstanding share capital, which enhances its attractiveness to buy by potential investors. Two penny stocks that investors should keep an eye on are Navoday Enterprises Limited and Janus Corporation Limited since their respective boards of directors have recommended bonus shares.
Janus Corporation Limited
The company has said in a stock exchange filing that “We are pleased to inform you that meeting of the Board of Directors of the Janus Corporation Limited held on today i.e. Wednesday, 12th October, 2022 at 6:00 P.M. to 8:00 P.M. at its registered office at 513 Stanford Building Link Road, Andheri West Mumbai MH 400053, transacted and approved the following matters: 1. Recommended for issue upto 76,52,000 (Seventy Six Lakh Fifty Two Thousand Only) equity shares of Rs. 10/- each as bonus shares of an aggregate nominal value upto Rs. 7,65,20,000/- (Rupees Seven Crore Sixty Five Lakh Twenty Thousand Only), as bonus shares to the shareholders out of the Securities Premium Account and Free Reserve of the company for distribution among the holders of existing fully paid equity shares of Rs. 10/- each of the company, the shareholders will be eligible for Bonus shares, those who will be the shareholder as on the Record Date which will be decided by the Board of Directors in this regards. The Board has fixed day, date, time and notice of Extra -Ordinary General Meeting of the Company will be held on Monday, 07th November, 2022 at 03:00 PM at Registered Office – 513 Stanford Building Link Road, Andheri West Mumbai MH 400053.”
On Friday, Janus Corporation Ltd. shares closed at Rs. 9.00 a piece, up 6.13% from the previous close of Rs. 8.48. In contrast to the 20-Day average volume of 34,725 shares, the stock had a total volume of 97,500 shares on Friday. The stock has fallen 85.58% over the past year, and on a year-to-date basis, it has dropped 68.80% in 2022.
Navoday Enterprises Limited
The company has said in a stock exchange filing that “We are pleased to inform you that Meeting of the board of directors of NAVODAY ENTERPRISES LIMITED held on today i.e. Wednesday, 12th October, 2022 at 05.30 p.m. to 06.30 p.m. at the registered office of the Company B713, 7th Floor, Crystal Plaza, New Link Road opposite Infinity shopping Mall, Andheri West Mumbai-400053, the Board transacted and approved the Following Matters 1. Recommended for issue upto 38,54,000 (Thirty Eight Lacs Fifty Four thousand Only) equity shares of Rs. 10/- each as bonus shares of an aggregate nominal value upto Rs. 3,85,40,000/- (Rupees Three Crore Eighty Five Lacs Forty Thousand Only), as bonus shares to the shareholders out of the Securities Premium Account of the company for distribution among the holders of existing fully paid equity shares of Rs. 10/- each of the company. 2. The Board has fixed day, date, time and notice of Extra -Ordinary General Meeting of the Company will be held on Monday, 07th November, 2022 at 02:00 PM at Registered Office – B-713, 7th Floor, Crystal Plaza, New Link Road opposite Infinity shopping Mall, Andheri West Mumbai-400053.”
Navoday Enterprises Limited’s stock gained 7.27% from the previous close of Rs. 11 and settled on Friday at Rs. 11.80 a piece. The stock saw a total volume of 36,000 shares on its last trading day. The stock has gained 7.27% over the past year, and it has climbed 12.92% YTD in 2022.
Download The Mint News App to get Daily Market Updates.
…
Read More: Upcoming Bonus Shares: 2 penny stocks to watch for impending price actions