Sunshine Capital Ltd., a small-cap NBFC with a market capitalization of Rs. 181.88 Cr., has been creating ripples on Dalal Street, delivering a remarkable 588.08% return in just a year. Beyond its financial prowess, recent developments have set the stage for significant shifts in its trajectory.
Stock Surge and Market Dynamics
In a testament to its stellar performance, Sunshine Capital’s shares closed at the upper circuit limit of Rs 139.68, soaring from Rs 20.30 within a short span. The stock’s meteoric rise positions it as one of Dalal Street’s multibagger gems, capturing the attention of seasoned investors.
Strategic Board Decisions
Breaking headlines indicate that Sunshine Capital’s Board of Directors, in a meeting on January 12, 2024, approved a groundbreaking 1:10 stock split and a generous 7:1 bonus issue. These strategic moves aim to pave the way for a larger shareholder base and enhanced liquidity capital.
Corporate Actions and Timeline
The approved stock split involves the sub-division of equity shares, with the record date to be determined by the board. Simultaneously, the bonus issue will see the issuance of 7 equity shares of Re. 1/- each for every 1 equity share held, subject to shareholder approval. Sunshine Capital anticipates completing these actions within 3 months.
Financial Implications and Bonus Share Details
The total number of securities proposed for the bonus issue is Rs. 91,14,63,000/-, to be issued out of free reserves available as of September 30, 2023. As per statutory auditor’s certificate, Rs. 91,44,87,058/- of free reserves is available. The estimated date for crediting/dispatching bonus shares is within 3 months from the board meeting.
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