Indian Energy Exchange (IEX) has got the shareholders’ approval for the issue of? bonus share and increase in the authorized share capital. Energy Exchange has fixed December 6 as the record date for the purpose of ascertaining the eligibility of shareholders to issue bonus equity shares.
In a regulatory filing on Thursday, the company said that the shareholders of the company have approved the proposals contained in the notice by the requisite majority on November 25, 2021, through the remote e-voting postal ballot process prescribed in the postal ballot notice.
On October 21, 2021, the company’s board had approved an issue of bonus shares (2:1) in which shareholders would get two bonus shares for every share held by them.
“Bonus Shares” shall be issued to the eligible members of the Company in the ratio of two new fully paid-up equity shares, each of Re 1 capitalization to existing fully paid-up equity shares of Re 1 each, capitalization of Re 1 each. Amount not to exceed 59,91,13,022 out of the company’s free reserves and capital redemption reserves as on March 31, 2021.”
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 40.25 crore each divided into 40,25,00,000 equity shares of Rs. IEX proposes to increase its authorized share capital to 100 crores each divided into 1,00,00,00,000 equity shares to cover the issue of bonus shares.
IEX is the leading electricity exchange in India, which facilitates electricity trading. IEX has around 95% market share in the power exchange market. The stock has gained around 114% in the last six months, while it has given a multibagger return of over 246% so far in 2021 (Year-to-date).
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