Bharat Seats Ltd., a company with a market capitalisation of ₹550 crore, and classifies Maruti Suzuki India Ltd. as a promoter, will hold a board meet on November 5 to not only declare its results for the September quarter, but also to consider a proposal to issue bonus shares to its shareholders.
This will be the first instance in over 17 years that the company will be issuing bonus shares to its shareholders. The last time it did so was back in 2007, when it issued one free share for every one share held.
Record date for any proposed bonus issue of shares is yet to be determined.
Bharat Seats classifies Maruti Suzuki India as a promoter as per its shareholding pattern for the quarter ended September.
India’s largest passenger car manufacturer has a 14.81% stake in Bharat Seats, along with Suzuki Motor Corporation, which holds a similar quantum.
NDR Auto Components, another listed company, is also classified as a promoter by Bharat Seats. At the end of the September quarter, NDR Auto Components had a 28.66% stake in the company.
Bharat Seats is engaged in the manufacturing of seating systems, NVH components and body sealing parts for four wheelers and two-wheelers, along with the seating systems for the Indian Railways.
The company was formed as a Joint Venture between Rohit Relan and Associates, Maruti Udyog and Suzuki Motor Corporation.
Shares of Bharat Seats ended 7% higher on Tuesday at ₹175.7. The stock has declined 14% in the last one month, trimming its year-to-date gains to just 6%.
Content retrieved from: https://www.cnbctv18.com/market/bharat-seats-share-price-bonus-issue-record-date-maruti-suzuki-ndr-auto-promoters-record-date-19501219.htm.
