Multibagger stock hits 52-week high as board sets record date for 3:1 bonus share

Magellanic Cloud said in a stock exchange filing that the board of directors has considered, approved and recommended a bonus issue of 3 equity shares of Rs. 10/- each for every 1 Equity Share fully paid up of Rs. 10/- each fully paid due on March 22, 2023 being the record date. The Bonus Shares once allotted shall rank par in all respects and shall have the same rights as the existing Equity Shares and shall be entitled to participate fully in any dividend and other corporate action, subject to the issue and allotment of such Bonus Will be recommended and declared after doing. share.”

“While computing the ratio of Bonus Issue, the Company has taken into account the share premium amount received for the allotment of 11,33,500 Equity Shares at the issue price of Rs. 395/- each (including premium of Rs. 385/- each) March 9, 2023. Accordingly, the Company vide its letter dated March 9, 2023 regarding “Intimation regarding fixation of record date for issue of Bonus Shares”. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015″ notified by BSE Limited, Central Depository Services (India) Limited (“CDSL”), National Securities Depository Limited (“NSDL”) and the Registrar. and the Share Transfer Agents (“RTAs”) of the Company shall be issued in the ratio 4:1 i.e. for every 1 (one) existing Equity Share held by the Members, 4 (four) Equity Shares shall be issued and allotted as Bonus Shares, The board said in a stock exchange filing number of directors of Magellanic Cloud.

“However, the Board of Directors of the Company was of the view that capitalization of such amounts standing to the credit of General Reserves, Retained Earnings and Securities Premium up to September 30, 2022 should be taken into account. Accordingly, based on the financial position as on September 30, 2022, the ratio of bonus issue of shares worked out as 3:1 i.e. 3 (three) Equity Shares to be issued for every 1 (one) existing Equity Share held by the Members Will be done and allotted as Bonus Shares instead of 4:1 i.e. for every 1 (one) existing Equity Share held by the members 4 (four) Equity Shares are issued and allotted as Bonus Shares . Therefore, the ratio of the bonus issue should now read as: “3 Equity Shares of Rs. 10/- each fully paid-up for every 1 Equity Share of Rs. 10/- each,” said Magellanic Cloud in a stock exchange filing dated March 22, 10/- each fully paid up on 2023.

According to Magellanic Cloud, the bonus shares will be credited/dispatched within 15 days from the date of board approval i.e. on or before March 27, 2023.

Shares of Magellanic Clouds hit a new 52-week high 648.00 level on BSE in afternoon deals and then closed 635.95, down 0.59% from its previous close 639.75. The stock registered a total volume average of 75,607 shares and a deliverable volume average of 54,359 shares or 71.90%. In last 5 years, the stock has generated multibagger returns of 1,187.61% and in last 3 years, it has generated multibagger returns of 2,026.67%. The stock has appreciated 61.51% during last year and YTD in 2023, it has climbed 38.00%. Moreover, it has increased by 98.49% in the last six months and 36.98% during the last month. The stock reached a 52-week low 270.50 on (27/05/2022).