This will be the first time in six years that the company will offer free shares to shareholders. It last issued bonus shares in 2018, when it issued one bonus share for every share held. Previously, it issued another 1:1 bonus in 2008.
Along with the bonus issue, the company will also consider the proposal to pay a dividend to shareholders. The highest dividend the company paid to shareholders was in the last two years, when it paid ₹6 per share each in 2022 and 2023.
According to its website, MM Forgings is one of the largest exporters of forgings in India across its product range. It positions itself as a one-stop shop for closed die forgings in national and international markets.
The company currently has 10 factories with a capacity of 1.1 lakh metric tonnes.
Shares of MM Forgings finished down one percent on Friday and have gained 15.5% so far in 2024. Over the past 12 months, the stock is up 33%, as it has doubled over a five-year period.
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