IT stock trades ex-bonus; shares rally over 7%

Market


Shares of Sonata Software Ltd rallied more than 7% on the BSE at 576 apiece on the BSE in Thursday’s early trading session as the IT stock started trading ex-bonus today, ahead of the record date for its bonus issue of equity shares that it had recommended in the ratio of 1:3 and revised the record date to Saturday, September 10, 2022.

Last week, the company in a BSE filing informed that “the company has revised the Record Date and fixed on Saturday, 10th September, 2022 for the purpose of ascertaining the eligibility of Shareholders for issuance of Bonus equity shares of the company in the proportion of one new fully paid up equity share of 1/- each for every Three fully paid up existing equity shares of 1/- each held, subject to the approval of Members which is being obtained by way of Postal Ballot through remote e-voting.”

While announcing its Q1FY23 earnings, Sonata Software had informed that the board considered, approved and recommended a bonus issue in the ratio of 1:3 that is of 1 (one) equity share for every 3 (three) equity shares held by the Shareholders of the company as on the record date.

The company had added that the bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

Sonata Software Limited is a global technology company and is a service provider in business intelligence and analytics, application development management, mobility, cloud, social media, enterprise services, infrastructure management services among others.

For the first quarter ended June 2022 of the current fiscal, the company posted a net profit of 107.7 crore as compared to 101 crore in the previous quarter. Meanwhile, it reported total income of 1,797 crore during the three month period from 1,508.6 crore quarter-on-quarter (QoQ).

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