Ducon Infratechnologies announces 1:10 bonus issue

Ducon Infratechnologies Limited (BSE:534674, NSE:DUCON), India's leading Clean technology company for Fossil fuel fired plants has announced a Bonus issue of 1 share for every 10 shares.

The Board has also approved an Increase of Authorised Capital from INR 25 Crore to INR 30Crore to meet the increasing growth capital needs of the company.

Commenting on the Bonus Issue, Mr. Arun Govil, Chairman and Managing Director said, "As we do our part in India's goal to meet global emission standards we will also monetize the opportunity that India's transformation to Clean Energy is opening up for us. We thank our shareholders in their abiding faith in the company's execution and monetization ability. The bonus is way to express our gratitude to our shareholders. We will continue to share the fruits of our efforts with our shareholders as we scale, monetize the business."

He further stated "India stands at an inflection point in transforming to Clean Energy. While this transition takes place, India is also bringing clean technology to Fossil Fuel fired plants (i.e., Coal based plants) which currently generate 80% of India's energy needs. Ducon stands at the crossroads of the clean technology that makes it possible for Coal based plants to turn Clean i.e., Flue Gas Desulphurization (FGD). With deep expertise and access to proprietary FGD and accompanying Catalyst technology we stand at not just helping India meet global emission standards but also in monetizing this inflection point in India's Clean Energy transformation. In Power alone almost 200GW (75% installed capacity) is fossil fuel/coal based and has to be put through FGD technology for meeting mandated standards. With less than 1/3 of this capacity even tendered for turning clean, the opportunity for Ducon is exponential and immediate."

Arun Govil, CMD also said "During this budget, the Hon'ble Finance Minister announced a pathbreaking change that transforms liquidity and scale for companies like ours. Sureties from Insurance companies in lieu of Bank Guarantees will become acceptable for Government contracts. This is the single most transformational moment and will free up capital for us to implement FGD contracts exponentially."

Shares of Ducon Infratechnologies Limited was last trading in BSE at Rs. 24.45 as compared to the previous close of Rs. 23.30. The total number of shares traded during the day was 85352 in over 253 trades.

The stock hit an intraday high of Rs. 24.45 and intraday low of 23.75. The net turnover during the day was Rs. 2084892.00.

Source : Equity Bulls

Keywords

DuconInfratechnologies INE741L01018 BonusIssue