Ajanta Pharma on Tuesday announced that its board at its meeting held today has approved the issue of bonus equity shares in the ratio of 1:2 which is subject to approval of shareholders of the company. Shares of Ajanta Pharma closed nearly 4% lower at ₹1,653 apiece on the BSE.
“We have informed that Board of Directors of the company had at their meeting held today, inter alia considered and approved issue of Bonus Equity Shares in the proportion of 1 (One) Equity Share of Rs. 2/- each for every 2 (Two) Equity Shares of Rs. 2/- each held, subject to the approval of shareholders,” the pharma company informed in an exchange filing.
The company said that the bonus shares issue will be out of free reserves of the company as on 31st March, 2022. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Meanwhile, Ajanta Pharma’s revenue from operations for the fourth quarter (Q4FY22) came at ₹870 crore, up 15% as against ₹757 crore in the same quarter last year. Its net profit, however, slipped slightly to ₹151 crore from ₹159 crore year-on-year (YoY).
Established in 1973 and headquartered in Mumbai-India, Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacture and marketing of finished dosages in domestic and international markets. The pharma stock is down more than 17% in a year’s period whereas it has fallen over 25% in 2022 (YTD) so far.