Significant Update On 1:1 Bonus Shares Announced By Radhakishan Damani Stock: Do You Own?

The market value of small-cap consumer discretionary company Advani Hotels & Resorts (India) Ltd. was Rs 737.43 crore as of Friday’s closing session. After the business disclosed a noteworthy update about the 1:1 allocation of bonus shares, the stock ended the day 1.30% higher at Rs 159.55 per share. The 52-week high of Rs 175.00 was reached by the share price on March 11, 2024, while the 52-week low was reached by Rs 66.75 on March 28, 2023. Advani Hotels & Resorts (India) Limited is based in India. The company’s primary business is hotel operations, which it does via its Caravela Beach Resort located in South Goa.

“Pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) “SEBI (LODR)” Regulations, 2015, we wish to inform you that the Company has received In-principle Approval from National Stock Exchange of India Limited and BSE Limited (‘the Exchanges’) for issue and proposed allotment of 4,62,19,250 Equity Shares of Rs 2/- each as Bonus Shares in the ratio of 1:1 i.e., 1 (One) new fully paid-up Equity Share of Rs 2/- each for every 1 (One) existing fully paid-up Equity Share of Rs 2/- each, held in the Company, in terms of Regulation 28(1) of SEBI (LODR) Regulations, 2015, on March 14, 2024,” said Advani Hotels & Resorts (India) in a regulatory filing on March 15, 2024.

Advani Hotels & Resorts (India) Provides an Update Regarding Bonus Share Principal Approval
Regarding the proposed issuance and allocation of bonus equity shares in accordance with Regulation 28(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have received your application for in-principle approval. Regarding this, the Exchange is happy to approve in principle only the proposed issue and allotment of 46219250 equity shares at a face value of Rs. 2 each as bonus shares, with the ratio being one new equity share for every existing equity share held by the Company, provided the Company satisfies the following requirements:

submitting the listing application as soon as possible after the allocation date.
obtaining and adhering to norms and regulations established by statutory bodies such as SEBI, RBI, MCA, and others, as well as receiving statutory and other clearances.
adherence to all rules, laws, directives from the Exchange or any other statutory authority, and periodic documentation obligations.
compliance with all requirements as of the listing date with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, adherence to the Companies Act of 1956, the Companies Act of 2013, and any other relevant legislation.
submission of the materials listed in the brochure for the subsequent issue (available on the www.nseindia.com website).
In accordance with the SEBI (LODR) Regulations, 2015, Guidelines/Regulations issued by statutory authorities, etc., the Exchange reserves the right to revoke its in-principle approval at a later time if the information submitted to the Exchange is found to be incomplete, incorrect, misleading, or false, or in violation of any Rules, Bye-laws, and Regulations of the Exchange,” the company stated in the BSE filing on Friday.

Terms and Conditions for the Allotment of 4,62,19,250 Bonus Equity Shares “We acknowledge receiving your application for the In-Principle Approval of The Securitization and Disclosure Requirements Board (SEBI) Regulation 28(1) for the Issuance and Allotment of Proposed Bonus Equity Shares to the Shareholders. Regarding this, the Exchange is happy to approve in principle the issue and proposed allotment of up to 4,62,19,250 bonus equity shares at a value of Rs. 2 each, with the ratio being one new equity share for every existing equity share held by the company, provided the business meets the following requirements:
Submission of the listing application form and supporting documentation in the format provided on the BSE Ltd. website at http://www.bseindia.com/static/about/downloads.aspx, for the new securities to be allocated

Additional listing costs on the increased capital must be paid, if necessary.
obtaining statutory clearances as well as other permissions, and adhering to directives from statutory agencies such as SEBI, RBI, MCA, etc.
Respect for any modifications to the rules, regulations, directives, or documentation requirements issued by the Exchange or other statutory authorities.
conformity with all SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 requirements as of the listing date.

adherence to other relevant legislation as well as the Companies Act of 2013.
Equity shares may only be allocated in a dematerialized manner.
Further to the above, the company should be aware that, in accordance with the ICDR Regulations’ Schedule XIX – Paragraph (2) and the guidelines outlined in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94, dated August 19, 2019, “the issuer or the issuing company, as the case may be, shall, make an application for listing, within twenty days from the date of allotment, to one or more recognized stock exchange(s)” and submit it with the documents that the stock exchange(s) may specify from time to time. If the aforementioned criteria is not followed, there will be a fee as specified in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94, which was issued on August 19, 2019.

The Exchange has the right to revoke its approval in principle at any time if it is discovered that the data it received was inaccurate, misleading, or deceptive, or if there was any other violation of the Exchange’s rules, bylaws, or regulations.

Advani Hotels & Resorts (India) stated in the regulatory filing that “This approval is valid up to the time specified in 295(1) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and any non-compliance with the said requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019.”

Indian Company Advani Hotels & Resorts: Radhakishan Damani Stake
Renowned investor Radhakishan S. Damani had 19,30,009 shares in his portfolio as per the December 2023 quarter/Q3FY24 Advani Hotels & Resorts (India) ownership pattern. This represents 4.18% of the company’s total paid-up share capital.