MM Forgings Ltd. (MMF), as half of its golden jubilee celebrations, has introduced a bonus issue within the ratio of 1:1, topic to essential approvals.
“This is the fourth bonus issue since going public. The earlier bonus shares were issued during 2005, 2008 and 2018. Further, we have increased the interim dividend payout to ₹8 per share,” Chairman and Managing Director Vidyashankar Krishnan mentioned throughout an interplay.
The castings and forging producer reported 15% progress in standalone web revenue for the yr ended March at ₹145 crore.
Revenue from operations grew 9% to ₹1,553 crore, of which home gross sales was ₹948 crore and exports accounted for the remaining. Exports grew by 15% from the year-earlier interval.
Mr. Krishnan, who was elevated as Chairman on April 1, introduced the strengthening of MMF board with the induction of 4 impartial administrators and two whole-time administrators to deal with strategic progress and operational excellence.
Shares of the corporate declined ₹20.80, or 1.73%, to shut at ₹1,182.85 on the BSE on Monday.
