Indian Metals and Ferro Alloys informed on Friday that its board in its meeting has approved the issue of bonus share in the ratio of 1:1. In order to ensure the eligibility of the eligible shareholders to issue the above Bonus Equity Shares, the Company has fixed Monday, January 10, 2022, as the Record Date. Indian Metals shares were trading with a gain of about 1 per cent in early deals.
“Issuance of bonus equity shares in the ratio of 1 (one) new equity bonus share of Rs.10/- each to existing equity shares of Rs.10/- each held by the shareholders of the company on the record date, postal Subject to the approval of the shareholders of the company through ballot and other applicable statutory and regulatory approvals; as may be required,” the company said in a BSE filing today.
Indian Metals said the bonus shares will be issued from the permissible reserves of the company (Free Reserve and/or Securities Premium Reserve Account and/or Capital Redemption Reserve Account) available till March 31, 2021.
Earlier this week, the company announced its decision to hold a meeting with the company’s board of directors on November 25 to consider the proposal to issue bonus shares.
Headquartered in Bhubaneswar (Odisha), IMFA is India’s leading fully integrated producer of value added Ferro Chrome with a capacity of 2.84 lakh tonnes per annum. Shares of Indian Metals have delivered multibagger returns this year so far in 2021 (Year-to-date or YTD), rising over 175%.
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