Bharat Petroleum's Bonus Alert: Last Chance To Buy Shares Of BPCL Before Record Date

Final Day to Qualify for Bharat Petroleum’s Bonus Share Issuance: Bharat Petroleum Corporation Limited (BPCL) has announced issuing bonus shares in a 1:1 ratio with a record date of June 22. Today is the final day for shareholders to purchase shares to qualify for this bonus.

Record Date and Eligibility for BPCL Shareholders

In May, BPCL announced its plan to issue bonus shares in a 1:1 ratio. This means that for every share held, shareholders will receive one additional share. The company plans to issue a total of 216.92 Crore shares as bonuses, increasing its equity share capital to Rs 4,338.50 Crore.

“We wish to inform that the Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs. 10/- each for every one existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through Postal Ballot,” the company’s regulatory filing said.

The company’s board has fixed Saturday, June 22 as record date to determine the ligibility of shareholders to receive bonus shares.

Earlier, the company announced bonus shares in the ratio 1:2 i.e., 1 bonus share for every 2 shares held by equity shares holders as of the record date which was 7 years ago on July 13, 2017.

Should you buy, sell or hold BPCL stock?

Jefferies has maintained a ‘buy’ call on the OMC stock with a trimmed target of Rs 730 from Rs 890. In addition, Citi has maintained a ‘buy’ call on the firm, with a raised target to Rs 760 from Rs 750 earlier.

State-run OMC BPCL also recommended a final dividend of Rs 21 per equity share for FY24.

“The Board of Directors has recommended a final dividend of Rs. 21/- per equity share of face value of Rs.10/-each (pre-bonus), which translates into final dividend of Rs.10.5/- per equity share of face value of Rs.10/- per equity share) (post-bonus), subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM),” it added.

According to the filing, the final dividend would be paid within 30 days from the date of its declaration at the AGM while the record date for the final dividend will be intimated separately.

Over the past year, BPCL shares have gained 68.2%, with a 7.20% increase in the last two weeks alone. On Thursday, BPCL shares closed 1.7% higher at Rs 626.30 on the BSE.