IEX’s bonus issue gets shareholders approval

Market


The Indian Energy Exchange (IEX) has received shareholders’ approval for the issue of bonus shares and increase in authorised share capital. The energy exchange has fixed 6 December as record date for the purpose of finding out eligibility of shareholders entitled for issuance of bonus equity shares.

In a regulatory filing on Thursday, the company said the shareholders of the company have approved the resolutions as contained in the notice by requisite majority on November 25, 2021, through remote e-voting postal ballot process as set out in the postal ballot notice.

On October 21, 2021 the board of the company had approved an issue of bonus shares (2:1) wherein shareholders will get two bonus shares for every one share held by them.

The bonus shares will be issued 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 59,91,13,022 out of the company’s free reserves and capital redemption reserve as on March 31, 2021,” the filing said.

The company has also received shareholders’ approval to increase the authorised share capital and consequent alteration in the capital clause of the memorandum of association.

The current authorised share capital of the company stands at 40.25 crore divided into 40,25,00,000 equity shares of rupee one each. IEX proposes to increase its authorised share capital to 100 crore divided into 1,00,00,00,000 equity shares of rupee one each to cover the issuance of bonus shares. 

IEX is the premier electricity exchange in India, which facilitates electricity trade. IEX commands a market share of around 95% in the power exchange market. The stock has surged surged around 114% in the past six months whereas it has delivered multibagger return of over 246% in 2021 (year-to-date) so far.

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