10 May , 2022 By : Kanchan Joshi
Cosmo Films announced that its board at its meeting held on May 09, 2022, has approved the issue of bonus equity shares in the ratio of 1:2, subject to shareholders and other necessary approvals. The company added that record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated later.
“This is to inform that the board of directors of the company at its meeting held on May 09, 2022, has inter alia approved issue of bonus shares in the proportion of one equity share of Rs10/- each for every two existing equity shares of Rs10/- each held by the shareholders as on the Record Date, subject to the approval of shareholders through postal ballot and other applicable statutory and regulatory approvals; as may be required," Cosmo Films informed in an exchange filing.
Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
The board at its meeting held on Monday have also recommended change in name of the Company from “Cosmo Films Limited" to “Cosmo First Limited", subject to the approval of its shareholders.
Shares of Cosmo Films are up over 33% in 2022 (year-to-date or YTD) so far, whereas, the multibagger stock has rallied more than 173% in a year's period. Cosmo Films is a BOPP Film manufacturers, suppliers and producers in India.
Established in 1981, Cosmo Films Limited is a leading firm in speciality films for packaging, lamination and labeling applications. Its films offerings include biaxially oriented polypropylene (BOPP) films, cast polypropylene (CPP) films and soon to be offered biaxially oriented polyethylene terephthalate (BOPET) films.
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