The Indian Energy Exchange (IEX) today informed the stock exchanges that the company has fixed December 6 as the record date for the purpose of ascertaining the eligibility of shareholders to issue bonus equity shares.
The Board of the Company has recommended a bonus issue of equity shares in the ratio of 2:1 subject to the approval of the shareholders through postal ballot.
Recommendation means, for every 1 share a person holds in the company, he will get 2 additional shares. The company said the bonus shares would be issued out of the free reserves created out of the profits of the company available at the end of FY 2011.
The bonus issue comes after its shares jumped 72% in the September quarter, much better than the 16% rise in the S&P BSE Power Index.
A company usually issues bonus shares to its shareholders with the aim of increasing the liquidity of the stock as well as reducing its stock price to make it economical for investors. Bonus shares are fully paid-up additional shares issued by a company to its existing shareholders.
IEX reports 69% jump in standalone net profit 78 crores for the September quarter 46 crore in the year-ago period.
IEX shares fell 0.71% on Tuesday 806.95 on NSE. Since the start of 2021, the stock has gained a whopping 267%.
IEX’s revenue from operations increased 56% to . Done 109 crore in the period under review from 70.7 crore in the corresponding quarter of last year.
IEX is India’s leading energy marketplace, providing a nationwide automated trading platform for the physical distribution of electricity, renewable energy and certificates.
More recently, IEX has pioneered cross-border electricity trading, expanding its power market beyond India in an effort to create a unified South Asian power market.
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