IEX seeks shareholders nod to issue bonus shares

New Delhi:

Indian Energy Exchange

(IEX) will seek shareholders’ approval to issue bonus shares through postal ballot notice. The company has issued postal ballot notice to seek approval of shareholders on a proposal to issue bonus shares to members, a BSE filing said.

The board had approved and recommended on October 21, 2021, to issue of bonus equity shares of rupee one each credited as fully paid-up to eligible members of the company in the proportion of two new fully paid-up equity share of rupee one each for every one existing fully paid-up equity shares of rupee one each held by them, by capitalising a sum not exceeding Rs 59,91,13,022 out of the company’s free reserves and capital redemption reserve as on March 31, 2021.

The results of the postal ballot/e-voting will be announced not later than two working days of the closure of the e-voting i.e., on or before Monday, November 29, 2021, at the corporate office and will be displayed at the corporate office and intimated/communicated to BSE Ltd and National Stock Exchange of India Ltd, where the equity shares of the company are listed.

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The company will also seek members approval to increase in authorised share capital and consequent alteration in the capital clause of the memorandum of association.

The current authorised share capital is Rs 40,25,00,000 pided into 40,25,00,000 equity shares of rupee one each.

The company proposes to increase its authorised share capital to Rs 1,00,00,00,000 pided into 1,00,00,00,000 equity shares of rupee one each to cover the issuance of bonus shares.