IEX shareholders approve bonus issue, increase in authorised share capital

The Indian Energy Exchange (IEX) has received shareholders' approval for the issue of bonus shares and an increase in authorized share capital.

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

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On October 21, 2021, the board of the company had approved an issue of bonus shares 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 capitalizing 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 filing said.

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

The current authorized share capital of the company stands at Rs 40.25 crore divided into 40,25,00,000 equity shares of rupee one each.

The company proposes to increase its authorized share capital to Rs 100 crore divided into 1,00,00,00,000 equity shares of rupee one each to cover the issuance of bonus shares.