2:1 bonus shares, 1:10 stock split in FY24: Multibagger penny stock hits upper circuit after fundraise move

2:1 bonus shares, 1:10 stock split in FY24: Shares of Standard Capital Markets Ltd are one of those penny stocks in the Indian stock market priced below ₹2. The penny stock traded ex-bonus and ex-split in the financial year 2023-24. A 2:1 bonus share means that for every 2 shares held, the shareholder will receive an additional share, and a 1:10 stock split means that each share will be split into 10, effectively increasing the number of shares held. It traded ex-bonus on 29th December 2023 for finalizing the list of eligible shareholders for issuance of bonus shares in 2:1 ratio. The traded ex-split on the same date is used to ascertain the eligible shareholders for issuance of a 1:10 stock split.

The small-cap stock is one of the multibagger stocks in India also. The stock has delivered 775 percent returns in one year. However, the multibagger penny stock is once again in new. The board of directors of the company has approved the fundraising proposal. After the spread of this stock market news, Standard Capital Market’s share price witnessed strong buying interest during Friday deals. The multibagger penny stock opened upside at ₹1.57 apiece on BSE and touched an intraday high of ₹41.58 apiece. While climbing to this intraday high, the multibagger penny stock logged 5 percent rise against Thursday’s close of ₹1.51 per share. While climging to this intraday high the multibagger penny stock also lockedin 5 percent upper circuit during Friday deals.

Standard Capital Markets fundraiser details

The small-cap company informed the Indian stock market exchanges about the fundraising approval by the company board, saying, “Under the provisions of Regulation 29(1)(d) of SEBI LODR Regulations, we wish to inform you that a Meeting of the Board of Directors of the Company will be held on Tuesday, July 02, 2024, inter alia, to consider and approve the proposal of fundraising and any other business with the permission of the Chairman in compliance with applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.”

Standard Capital Market’s share price history

In one month, Standard Capital Markets share price has ascended from ₹1.53 to ₹1.58, recording around 3.50 percent rise in this period. In the last six months, the rise in Standard Capital Markets share price from ₹0.27 to ₹1.58 apiece, recording around 500 percent rise in this time, can be attributed to [specific reasons such as company performance, market conditions, etc.]. Likewise, in one year time, this multibagger penny stock has risen to the tune of 775 percent.

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