Godfrey Phillips Shares Surge 10% Ahead of Bonus Issue Board Meeting
At the 87th Annual General Meeting (AGM) of Godfrey Phillips recently, Bina Modi secured her reappointment as Managing Director, supported by 86.64% of shareholders. This came amidst an ongoing family dispute.
Shares of Godfrey Phillips India Ltd. surged by over 10% on Friday, continuing a two-day rally following a prior three-day losing streak. The market activity comes in anticipation of the company's upcoming board meeting on September 20, where a bonus issue is set to be considered.
Key Highlights:
- Bonus Issue Proposal: Godfrey Phillips' board is set to deliberate on a 2:1 bonus issue, meaning shareholders will receive two additional shares for every one share they currently hold.
- Record Date: While the bonus issue has been proposed, the record date to determine eligible shareholders has yet to be announced.
Stock Performance:
The company’s shares jumped 10.1% higher on Friday, trading at ₹7,308. With this recent rally, the stock has gained more than 250% in value year-to-date, a reflection of strong market sentiment and anticipation ahead of the board's decision.
Family Dispute in the Spotlight:
At the recent 87th Annual General Meeting (AGM) of Godfrey Phillips, Bina Modi successfully secured her reappointment as Managing Director, receiving support from 86.64% of the company’s shareholders. The reappointment comes amid ongoing tensions within the Modi family.
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Delhi High Court Ruling: On September 5, the Delhi High Court ruled in favor of Bina Modi, allowing her to vote on behalf of the KK Modi Family Trust, which holds close to 48% of Godfrey Phillips' shares. The decision was challenged by her son Samir Modi and grandson Ruchir Modi, who sought to block her from exercising these voting rights at the AGM, but the court dismissed their pleas.
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Samir Modi Ousted: Former Executive Director Samir Modi was ousted from his position through a shareholder vote. Over 99.3% of shareholders supported leaving his board seat vacant for the time being, marking a significant development in the family feud.
Conclusion:
Investors are closely monitoring the upcoming board meeting on September 20, where the bonus issue could further boost investor confidence. Meanwhile, the internal family dynamics have added an element of intrigue to the company's recent corporate decisions. With the stock already surging over 250% in 2024, Godfrey Phillips remains a key focus in the Indian stock market.
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