Power Mech Projects shares witness a good rally of 7% after board approves 1:1 bonus issue

Following the announcement of a 1:1 bonus share issue to commemorate the company’s 25th anniversary, Power Mech Projects Ltd. witnessed a 7% increase in share price.

Power Mech Projects’ shares now trade at ₹6,384.90 on the Bombay Stock Exchange (BSE). Over the previous two years, the company’s shares have returned 404%, including a 16% rise in the last two weeks. Power Mech Projects, with a market value of ₹10,093.34 crore, is making considerable progress in the infrastructure-construction sector.

In the exchange filing, the company shared, “Commemorating 25 Glorious years of existence and growth and to reward the shareholders, the Board decided to issue bonus shares in the ratio of 1:1 ie.. one share for every one equity share of Rs. 10/- each fully paid up subject to the approval of shareholders at ensuing 25th Annual General Meeting which is scheduled to be held on 27th September, 2024. The Bonus Shares shall rank pari passu in all respects and carry the same rights as the existing equity shares of the Company.”

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