Smallcap multibagger stock Precision Wires announced 1:2 bonus shares at its board meeting today after announcing its quarterly results.

The company’s board of directors unanimously reviewed and approved this bonus issue and plans to issue 5,78,18,115 shares. Shares will be issued from the company’s stock premium account.

In addition, the company has made it clear in the documents filed with the exchange that the bonus shares will be included in the qualified shareholder account within two months from the date of deliberation and approval by the board of directors, before January 9, 2023.

Precision Wires is a bullish stock with a 3-year return of over 168%. With a market capitalisation of Rs 1,138 crore, the company is the country’s largest manufacturer of winding wires.

Shares of Precision Wires fell more than 5% at Rs 98.45 per share on the NSE following the quarterly results update and bonus issue announcement.