Nirman Agri Genetics to consider bonus issue, foray into hydroponics and aquaponics

Mumbai, Sep 15 (PTI) Nirman Agri Genetics Ltd on Monday said its board will meet on September 30 to consider proposals including a bonus issue, stock split and expansion into hydroponics and aquaponics.

Shares of the company spurted by 5 per cent to hit the upper circuit at Rs 172.45 on NSE after the announcement.

The company in a filing stated it is considering the proposal for declaration and recommendation of bonus shares (up to 10 bonus shares for every 1 equity share held), subject to shareholder and other requisite approvals.

Additionally, the company board on September 30 will consider a proposal to subdivide the existing equity share having face value of Rs 10 per share into a greater number of equity shares (up to 1:10 ratio) to improve liquidity and broaden shareholding base.

To address rising demand for sustainable, water-efficient agriculture and pesticide-free produce, the board will consider a strategic expansion into hydroponics and aquaponics, the filing said.

With India needing high-yield, low-water approaches, this move would enable the company to leverage its R&D strengths, capture premium margins, and tap both domestic and export opportunities in fresh produce, herbs, and specialty crops, it added.

Pranav Kailas Bagal, Managing Director, Nirman AgriGenetics Limited, said, "These proposals are designed not only to enhance shareholder value and increase our shares' appeal in the market, but also to modernize our operations by aligning them with cutting-edge agricultural technologies." For FY24-25, the company reported revenue from operations of Rs 236.51 crore with Y-o-Y growth of 273%, and net profit of Rs 25.28 crore. PTI HG MR MR