SINCLAIRS HOTELS announce 1:1 Bonus issue

The Board of Directors of Sinclairs Hotels Limited, at its meeting held on Friday 22nd December 2023, have approved and recommended the issuance of fully paid bonus shares in the ratio of 1:1 out of its free reserves created out of profit, subject to shareholders’ approval. The record date for the entitlement of bonus shall be announced later.

The pre-bonus paid-up equity share capital as on date is Rs 5,12,60,000/- divided into 2,56,30,000 Equity Shares of Rs 2/- each while the post bonus equity share capital will double to Rs 10,25,20,000/- comprising of 5,12,60,000 Equity Shares of Rs 2/- each.

The company has convened an Extraordinary General Meeting of the shareholders on Thursday 18th January 2024 for seeking shareholders’ approval.

Sinclairs Hotels Limited had recently done a buy-back of 15,20,000 equity shares of Rs 2/- each at a price of Rs 200/- per share amounting to Rs 30,40,00,00/- The buy back of shares was completed on 25th October 2023.

Commenting on the issue of bonus shares, Navin Suchanti, Chairman, Sinclairs Hotels said, “We are committed to maximizing shareholder value and through the issue of bonus shares, we are yet again rewarding our shareholders, after the recent buy back of shares.”

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