NMDC, a Navratna Public Sector Enterprise operating under the Ministry of Steel, on Tuesday (November 5) through an exchange filling announced an important meeting of its board of directors scheduled for November 11.

As per the regulatory filing, this meeting is set to consider a proposal for issuing bonus shares to its shareholders. Alongside this, the board will review the company’s financial results for the quarter ending September 30, 2024.

Post the announcement, the company's stock today saw a spike of over 3 per cent.

Financial Results and Bonus Shares on the Agenda

The company through a regulatory filing, stated, “The Meeting of Board of Directors of the Company is scheduled to be held on Monday, 11th November 2024 inter-alia, to consider, approve and take on record the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended 30th September 2024 and a proposal for issue of Bonus Shares to the shareholders of the company, subject to requisite approvals.”

"In pursuance of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and its amendments, and the Company's Internal Code of Conduct for Prevention of Insider Trading, the trading window for dealing with the securities of the Company will remain closed for all Insiders including Designated Persons and their immediate relatives from 1 st October to 2024 to 13th November 2024 i.e. 48 hours after the declaration of the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ending 30th September 2024," added the company in the exchange filing.

Prior to this, NMDC had declared a bonus issue in May 2008, offering shares at a ratio of 2:1. This was the company's first bonus share issue in 16 years.

Market Response

In response to this announcement, NMDC’s shares saw an uptick in its share price, closing at Rs 234.98, an increase of 3.74 per cent.

The company's stock today opened at Rs 226.46 and hit a high of Rs 236.50 during the trading session.