In announcing its Q1FY23 earnings, Sonata Software informed that the Board has considered, approved and recommended a bonus issue in the ratio of 1:3 which is 1 for every 3 (three) equity shares held by shareholders. (a) Equity shares. Company as on record date.
The bonus issue of equity shares will be subject to approval by the shareholders through postal ballot, and any other applicable statutory and regulatory approvals, sonata software said in an exchange filing. Bonus shares are fully paid-up additional shares issued by a company to its existing shareholders.
In addition, the company stated that bonus share shall, once allotted, rank equally in all respects and have the same rights as the existing equity shares and shall be entitled to participate fully in any dividend and other corporate action recommended and declared after the allotment of new equity shares.
Meanwhile, the Company’s Board of Directors, at its meeting held on July 25, 2022, approved Sonata Software North America, Inc. In-principle approval has been given for the merger of the subsidiary company. Sopris Systems LLC, Sonata Software North America, Inc. with, a wholly owned subsidiary of the Company.
Sonata Software Limited is a global technology company and service provider in Business Intelligence & Analytics, Application Development Management, Mobility, Cloud, Social Media, Enterprise Services, Infrastructure Management Services etc.
The company has posted a net profit of 107.7 crore for the first quarter ended June 30, 2022 100.9 crore in the previous quarter (QoQ). Whereas, it reported total income of 1,797 crore during the period of three months from 1,508.6 crore quarter-on-quarter (QoQ).
Shares of Sonata Software are down over 7% in the one-year period, while IT stock is down nearly 17% in 2022 (YTD), as against a 5% fall in the benchmark BSE Sensex.
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