BigBloc Construction to Consider Bonus Share Issue Amid Expansion Plans

BigBloc Construction Ltd will hold a board meeting on July 19 to consider a bonus share issue. The company, reporting a net profit of Rs 30.69 crore for FY24, is also planning for an IPO through its subsidiary to support expansion. Shares rose by 6.36% on BSE.

Leading AAC material manufacturer BigBloc Construction Ltd announced that its board will meet on July 19 to consider a bonus share issue to shareholders.

In a related development, the company's fully owned subsidiary, StarBigBloc Building Material Ltd, is planning to launch an SME IPO or a preferential issue to support an expansion drive.

'The board will meet on July 19 to consider and approve a bonus share issue aimed at rewarding existing shareholders, enhancing liquidity, and expanding the shareholder base,' BigBloc Construction stated.

The company posted a net profit of Rs 30.69 crore for the 2023-24 fiscal year, while revenue from operations grew by 21.5% to Rs 243.22 crore compared to the previous year.

BigBloc Construction's share capital stands at Rs 14.14 crore, with reserves of Rs 89.87 crore as of March 31, 2024. The company also declared a dividend of Rs 0.40 per share for 2023-24.

A leading manufacturer of aerated autoclaved concrete (AAC) blocks, bricks, and panels in India, BigBloc operates three AAC block plants in Gujarat and Maharashtra.

The company's joint venture, SIAM Cement BigBloc Construction Technologies Pvt Ltd, recently began production at a Rs 65-crore AAC Wall plant in Kheda, Gujarat.

Shares of Bigbloc Construction gained 6.36%, closing at Rs 253.40 each on the BSE on Friday.

(With inputs from agencies.)