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Bigblock Construction Limited: The Board of Directors of BigBlock Construction Limited, one of the largest manufacturers of aerated autoclaved concrete (AAC) blocks, bricks and panels in India, has recommended the issuance of bonus equity shares in the ratio of 1:1 at its meeting held on July 19, 2024. Subject to members and regulatory approval, the Board also approved a proposal to increase the authorized share capital of the company to Rs. 30 crores i.e. subdivision into 15 crore equity shares of Rs. 2 each.
Narayan Saboo, Chairman, BigBlock Construction Limited said that our company is poised to bring about a big change in the AAC block industry. The board has recommended a bonus issue to compensate our loyal shareholders and enhance liquidity. This move will increase our equity base and support continued growth. We expect continued momentum and look forward to more achievements in the coming years.
The company in its board meeting had recommended the issue of bonus equity shares in the ratio of 1:1, i.e. each shareholder will have Rs. 2 for every existing equity share. One bonus equity share of 2 will be offered subject to the approval of shareholders at the Annual General Meeting to be held on Thursday, August 29, 2024. For the bonus issue, Rs. 28.31 crore of free reserves will be used. The objective of the bonus issue is to compensate existing shareholders, enhance liquidity and expand the shareholder base.
After the bonus issue, the paid-up share capital of the company will increase to Rs. 28.31 crore and will be divided into 14,15,75,750 equity shares of Rs. 2 each. Subject to obtaining necessary approvals from the relevant authorities, the bonus shares will be issued within 2 months from the date of board approval i.e. on or before September 18, 2024.
Established in 2015, BigBlock Construction Limited is one of the largest and only listed company in the AAC block sector. BigBlock has four AAC block plants: one plant at Umargaon in Valsad district, another at Wada in Maharashtra and the third plant at Kapadwanj in Kheda, Gujarat. The new unit at Kheda is the company's fourth plant, uniquely equipped to manufacture both AAC blocks and innovative AAC walls. With this joint venture, the company's annual capacity has increased to 1.3 million CBM per annum. It is one of the very few companies in the AAC industry that generates carbon credits.
