Stock jumps 7% after board to consider for dividend & bonus issue; Check the record date

Shares of a leading footwear and apparel company surged by 7 percent in anticipation of its board meeting scheduled for December 26. The meeting will focus on discussing the declaration of an interim dividend and the issuance of bonus shares, fueling investor optimism and driving the stock’s upward movement. 

Price Movement 

During Monday’s trading session, the share price of RedTape reached an intra-day high of Rs.914.40 per share, rising 6.8 percent from its previous close of Rs.855.85 per share. The stock has retreated since then and currently trading at Rs.868.85 each. 

What happened 

Redtape Ltd. announced on Friday that its board will meet on December 26 to discuss several proposals, including the declaration of an interim dividend and the issuance of bonus shares, as stated in an exchange filing. 

The board is set to review the proposal for an interim dividend for equity and preference shareholders for FY 2024–25. Additionally, the meeting will consider increasing the company’s authorized share capital to accommodate bonus shares, if issued. The board will also discuss issuing bonus shares to equity shareholders. 

The record date for determining eligible members for the interim dividend has been set for January 3, 2025. 

Products and Offerings 

Red Tape offers a diverse footwear collection, including casual sneakers for everyday wear, formal shoes for office or events, and sports shoes designed for comfort and performance. The shoes are made with premium materials and focus on comfort, durability, and style. 

In addition to footwear, Red Tape provides a range of trendy, affordable apparel for all family members, catering to various occasions. 

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Financial Performance 

Turning towards the financials of the company, Redtape Ltd reported Q2 FY25 revenue of Rs.416 crore, increasing 28 percent from Rs.325 crore in the same quarter last year. Profit After Tax (PAT) decreased 11 percent to Rs.25 crore, from Rs.28 crore in the same period. 

Company Profile 

Red Tape, established in 1996, is a leading Indian brand recognized for its stylish and durable footwear and apparel. The brand offers a wide variety of footwear, including casual sneakers, formal shoes, and sports shoes, with a focus on comfort and quality. In addition to footwear, Red Tape also provides a trendy clothing line for men, women, and children. 

Written by – Siddesh S Raskar

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