New Delhi [India], August 11 (ANI/ATK): Pune-based boutique software consulting firm Alphalogic Techsys Limited's board of directors has approved and recommended that bonus shares be awarded to the company's existing shareholders. The bonus shares will be distributed in 1:2 ratio, which means one bonus share for every two shares of the company held by the shareholder. In its communication to BSE, the small-cap IT company announced the issuance of bonus shares. The firm is yet to announce the record date for issuing the bonus shares.
Alphalogic Techsys Ltd was incorporated as a Technology Service Company under the Companies Act 2013 on December 13, 2018. The company works in the areas of Software as a Service (SAAS) and Healthcare providing services like Product Engineering, Data Analysis, Machine Learning and Artificial Intelligence to its global clientele. The current market cap of the company is Rs 119.64 crores on the stock exchange. The company's board has recommended a bonus issue to reward its shareholders. Check out the following crucial information about bonus share issuance:
"Recommendation of issuance of fully paid-up Bonus Share in the ratio of 1:2, i.e. 1 (One) Equity Share for every 2 (Two) fully paid up Equity Shares of Rs 05/- each, subject to the approval of the Company's shareholders," the board of directors said in a BSE filing. In due course, the Company will announce the 'Record Date' for identifying stockholders eligible to receive Bonus Shares."
The shares of the company were trading higher by 12.17 per cent to close at Rs 53 on BSE in Thursday's trading session. The 52-week high for the stock is Rs 56.70, and the 52-week low is Rs 24.95. The stock returned 34 per cent over a year and 63 per cent over three months. It has climbed by 32 per cent in one month.
Alphalogic Techsys had earlier announced that it plans to set up a grain-based ethanol manufacturing plant in Maharashtra, for which the Ministry of Environment, Forests, and Climate Change has granted Environment Clearance (MOEFCC) supporting the effort.
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