Vaishali Pharma Fixes Record Date For 1:1 Bonus Issue, 1:5 Stock Split
Bonus issue amis at rewarding existing shareholders, enhancing liquidity, and expanding the shareholder base
The board of directors of Mumbai-based Vaishali Pharma fixed the record date as Tuesday, 15 October 2024. The company will split its equity shares, having a face value of Rs 10 each, into 5 equity shares of Rs 2 each.
Further, the bonus shares will be issued to the shareholders of the company in the ratio of one new fully paid-up equity share of Rs 2 each for every one existing fully paid-up equity share of Rs 2 each held by the eligible shareholders of the company as on the record date.
Catering to semi-regulated and non-regulated markets across the world, the company recently obtained 19 registrations across Southern Africa, West Africa, the Gulf region, Latin America and the ASEAN region. These registrations are expected to generate around Rs 100 million to the company's annual revenue.
Bonus issue is aimed at rewarding existing shareholders, enhancing liquidity, and expanding the shareholder base. Mumbai-based pharma company has over 250 formulation brands marketed in multiple countries and a robust pipeline of around 250 Dossiers.
The Company reported robust financial performance for the quarter ended on 30 June 2024, the company's sales increased by 34.70 per cent to Rs 18.08 crore in Q1FY25 compared to Rs 13.42 crore during Q1FY24.
Net Profit of the company rose 7.13 per cent to Rs 1.70 crore as against Rs 1.59 crore during the previous quarter ended June 2023.
"Consideration of stock split and bonus shares are in line with the company's vision to reward the shareholders and earn their long-lasting trust and confidence. This move will not only reward our existing shareholders for their continued support but also increase the company's equity base, thereby enhancing liquidity. With a focus on growth and innovation, the company is making its mark through strategic initiatives, promising to become a significant presence in the evolving pharmaceutical sector,” said Atul Vasani, Chairman and Managing Director, Vaishali Pharma.
Established in 1989, Vaishali Pharma manufactures and markets pharmaceutical products, including APIs, formulations, surgical products, veterinary supplements, herbal items, nutraceuticals, and oncology products. Their portfolio serves both human and animal healthcare needs.
