BigBloc Construction Ltd approves 1:1 Bonus Issue at the Annual General Meeting

New Delhi [India], August 31:  BigBloc Construction Limited, one of the largest manufacturers of Aerated Autoclaved Concrete (AAC) Blocks, Bricks, and Panels in India, has approved the issue of bonus equity shares in the ratio of 1:1, i.e. one bonus equity shares of face value Rs. 2 each for every one existing equity share of Rs. 2/- each held by the shareholders of the company as on the record date, at company’s Annual General Meeting held on Thursday, August 29, 2024. The bonus issue is aimed at reward existing shareholders, enhance liquidity, and expand the shareholder base.

The company also approved the final dividend – 20% – Rs. 0.40 per equity share for the financial year ended March 2024, along with the proposal of increasing the authorised share capital of the company from Rs. 15 crores to Rs. 30 crores divided into 15 crores Equity Shares of Rs. 2 each at the AGM.

Subject to obtaining necessary approvals from relevant authorities, the bonus shares shall be credited within 2 months from the date of the Board approval, i.e. on or before September 18, 2024.

The record date for final dividend payment is Friday, July 26, 2024. Promoter Group shareholders, comprising 60.18% of the company’s shares, are waiving their dividend (Final Dividend for Financial Year 2023-2024) considering the forthcoming expansions of the company.

Highlights

• Bonus issue is aimed at to reward existing shareholders, enhance liquidity, and expand the shareholder base.
• Promoter Group shareholders, comprising 60.18% of the company, are waiving their dividend
• Company has reported 5 year CAGR of 19% in Sales and over 80% in Net Profit
• For FY24, company reported Revenue of Rs. 243.2 crore, EBITDA of Rs. 56.15 and PAT of Rs. 30.69 crore

For FY24, the company reported a consolidated net profit of Rs. 30.69 crore. Revenue from operations during FY24 was reported at Rs. 243.22 crore, a rise of 21.55% Y-o-Y compared to operational revenue of Rs. 200.11 crore in FY23. EBITDA for FY24 stood at Rs. 56.15 crore, a rise of 12.29% as against EBITDA of Rs. 50.01 crore. The Company has reported a solid operational and financial performance with a 5-year CAGR of 19% in Sales and over 80% in Net Profit.

Mr Narayan Saboo, Chairman of Bigbloc Construction Ltd, said, “Our Company is set to bring major transformation in the AAC Block industry. Further, the board has recommended a bonus issue to reward our loyal shareholders and boost liquidity. This move will enhance our equity base and support continued growth. We anticipate sustained momentum and look forward to further achievements in the coming years.”

Incorporated in 2015, BigBloc Construction Ltd is one of the largest and only listed companies in the AAC Block Space. BigBloc operates four AAC plants: one in Umargaon District: Valsad, Gujarat; second in Wada, Maharashtra; and third in Kapadvanj, District Kheda, Gujarat. The new facility in Kheda is the company’s fourth plant, uniquely equipped to manufacture both AAC blocks and the innovative AAC wall. The company’s total capacity has increased to 1.3 million CBM/Annum in this joint venture. It is among the few AAC industry companies to generate carbon credits.

Sustainable and non-toxic building construction material, AAC blocks and AAC Walls are lightweight, soundproof, and fire resistant, offer superior build quality, and are eco-friendly and economical compared to traditional bricks.

BigBloc Construction Limited is India’s leading AAC block manufacturing company. The Company markets its products under the brand name ‘NXTBLOC‘. The company has executed over 2,000 projects and has another 1,500 plus in the pipeline. The company’s clients include Lodha, Adani Realty, IndiaBulls Real Estate, Prestige, Piramal, Oberoi Realty, Shirke Group, Shapoorji Pallonji Group, Raheja, PSP Projects, L&T, and Sunteck, Sethia Infrastructure Pvt Ltd, Dosti Group, Purvankara Ltd among others.

If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.