IEX Share Bonus Issue Approved by Shareholders
Highlight
- The issue of bonus shares was approved by the board of IEX on October 21, 2021.
- IEX shareholders will get two bonus shares for every share they hold
Indian Energy Exchange (IEX) has received shareholders’ approval for issue of bonus shares and increase in authorized share capital.
In a regulatory filing, the company said that the shareholders of the company have approved the proposals contained in the notice by requisite majority on November 25, 2021, through the remote e-voting postal ballot procedure as prescribed in the postal ballot notice.
On October 21, 2021, the company’s board had approved an issue of bonus shares, in which shareholders would get two bonus shares for every share held by them.
Bonus Shares “will be issued to eligible members of the Company in the ratio of two new fully paid-up equity shares. Out of the Free Reserves and Capital Redemption Reserve of the Company as on March 31, 2021, an amount not exceeding Rs.59,91,13,022”.
The Company has also received the approval of the Shareholders to increase the authorized share capital and consequently amend the capital clause of the Memorandum of Association.
The current authorized share capital of the company is Rs 40.25 crore, divided into 40,25,00,000 equity shares of Rs.
The company proposes to increase its authorized share capital to Rs.100 crore to cover the issue of bonus shares, divided into 1,00,00,00,000 equity shares of Rs.1 each.
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