Xpro India announced that its board at its meet on Wednesday recommended the issue of bonus equity shares in the proportion of 1:2. The company said that the record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated separately.
“Recommended the issue of bonus shares in the proportion of 1 (one) Equity Share of ₹10/- each for every 2 (two) existing fully paid-up Equity Shares of ₹10/- each held by the shareholders of the Company as on the Record Date, subject to the approval of shareholders of the Company at the ensuing Annual General Meeting and other applicable statutory and regulatory approvals; as may be required,” Xpro India informed in an exchange filing.
Further, the board has also approved the reservation of one equity share of ₹10- each for every two equity shares of ₹10 each, to be allotted after exercise of option, by the warrants holder(s) for conversion of upto 19,68,000 convertible warrants outstanding as on March 31, 2022 into fully paid Equity Shares.
The board has also recommended a Dividend of ₹2.00 per equity share of ₹10/- each for the financial year ended March 31, 2A22, subject to the approval of shareholders of the company at the ensuing AGM.
Xpro India Limited is part of Birla Group, a conglomerate comprising of many divisions. It is a diversified multi-divisional, multi-locational company with a strong commitment to the polymer processing industry. Xpro India shares have rallied more than 640% in a year’s period whereas the multibagger stock is up about 13% in 2022 (YTD) so far.