Radhakishan Damani Stock Announces Big Update On 1:1 Bonus Shares: Do You Own?

As of Friday’s closing session, the market capitalization of Advani Hotels & Resorts (India) Ltd, a small-cap consumer discretionary firm, was Rs 737.43 Cr.

The company revealed a significant update on the 1:1 allotment of bonus shares, and as a result, the stock closed 1.30% higher at Rs 159.55 per share. On 11/03/2024, the share price of Rs 175.00 hit its 52-week high, and on 28/03/2023, it fell to Rs 66.75, its 52-week low. India is the residence of Advani Hotels & Resorts (India) Limited. Through its Caravela Beach Resort in South Goa, the Company principally operates in the hotel industry.

Advani Hotels & Resorts (India) Bonus Shares Update

“Pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) “SEBI (LODR)” Regulations, 2015, we wish to inform you that the Company has received In-principle Approval from National Stock Exchange of India Limited and BSE Limited (‘the Exchanges’) for issue and proposed allotment of 4,62,19,250 Equity Shares of Rs 2/- each as Bonus Shares in the ratio of 1:1 i.e., 1 (One) new fully paid-up Equity Share of Rs 2/- each for every 1 (One) existing fully paid-up Equity Share of Rs 2/- each, held in the Company, in terms of Regulation 28(1) of SEBI (LODR) Regulations, 2015, on March 14, 2024,” said Advani Hotels & Resorts (India) in a regulatory filing on March 15, 2024.

Advani Hotels & Resorts (India) Update On Principal Approval of Bonus Shares

“We are in receipt of your application regarding in – principle approval for issue and proposed allotment of bonus equity shares in terms of Regulation 28(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In this regard, the Exchange is pleased to grant in-principle approval only for issue and proposed allotment of 46219250 Equity shares of Rs.2/- each as bonus share in the ratio of 1 new equity share for every 1 existing equity share held in the Company subject to the Company fulfilling the following conditions:

Filing the listing application at the earliest from the date of allotment.
Receipt of statutory and other approvals and compliance of guidelines / regulations issued by the statutory authorities including SEBI, RBI, MCA, etc.
Compliance with all the guidelines, regulations, directions of the Exchange or any statutory authorities, documentary requirements from time to time.
Compliance of all conditions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on date of listing, Compliance to the Companies Act, 1956 / Companies Act, 2013 and other applicable laws.
Submissions of documents as given in the further issue brochure (available on website www.nseindia.com).
The Exchange reserves its right to withdraw its in-principle approval at a later stage if the information submitted to the Exchange is found to be incomplete/incorrect/misleading/false or in contravention of any Rules, Bye-laws and Regulations of the Exchange, as per the SEBI (LODR) Regulations, 2015, Guidelines/ Regulations issued by statutory authorities, etc,” said the company in the BSE filing on Friday.

Terms and Conditions For Allotment of 4,62,19,250 Bonus Equity Shares

“We acknowledge receipt of your application regarding in-principle approval for issue and allotment of proposed Bonus equity shares to the shareholders in terms of Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. In this regard, the Exchange is pleased to grant in-principle approval for issue and proposed allotment of not exceeding 4,62,19,250 Bonus equity shares of Rs. 2/- each in the ratio of 1 (one) new equity share for every 1 (one) existing equity shares held in the Company subject to the company fulfilling the following conditions:

Submission of listing application form for the new securities to be allotted and documents as per Format available on the website of BSE Ltd. under following link – https://www.bseindia.com/static/about/downloads.aspx

Payment of Additional listing fees on the enhanced capital, if applicable.
Receipt of statutory and other approvals and compliance with guidelines issued by the statutory authorities including SEBI, RBI, MCA etc.
Compliance with any change in the guidelines, regulations directions of the Exchange or any statutory authorities, documentary requirements from time to time.
Compliance with all conditions of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, as on date of listing.
Compliance with the Companies Act, 2013 and other applicable laws.
Allotment of Equity Shares shall only be made in dematerialized form.
In addition to above, the company should note that as per Schedule XIX – Para (2) of ICDR Regulations and as specified in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019, “the issuer or the issuing company, as the case may be, shall, make an application for listing, within twenty days from the date of allotment, to one or more recognized stock exchange(s)” along with the documents specified by stock exchange(s) from time to time. Any Non-compliance with the above requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019.

The Exchange reserves its right to withdraw its in-principle approval at any later stage if the information submitted to the Exchange is found to be incomplete/incorrect/misleading/false/or for any contravention of Rules, Bye-laws and Regulations of the Exchange.

This approval is valid up to the time specified in 295(1) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and any non-compliance with the said requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019,” stated Advani Hotels & Resorts (India) in the regulatory filing.

Radhakishan Damani Stake In Advani Hotels & Resorts (India)

As per the shareholding pattern of Advani Hotels & Resorts (India) for the December 2023 quarter/Q3FY24, ace investor Radhakishan S Damani held 19,30,009 shares in his portfolio which is 4.18% of the total paid-up share capital of the company.

Vipul Das Goodreturns
source: goodreturns.in