SBC Exports Limited board recommends 1:2 bonus issue

The Board of Directors of SBC Exports Limited at its meeting held today on Tuesday, 5th December, 2023 have discussed and approved the increase in Authorized Share Capital of the Company from Rs. 22,00,00,000/- (Rupees Twenty Two Crores only) divided into 22,00,00,000 (Twenty Two Crores) Equity Shares of Re. 1/- (Rupee One) each to Rs. 32,00,00,000/- (Rupees Thirty Two Crores only) divided into 32,00,00,000 (Thirty Two Crores) Equity Shares of Re. 1/- (Rupee One) each and subsequent alteration to the Memorandum of Association of the Company, subject to the approval of shareholders of the Company through Postal Ballot.

The Board of Directors has considered, approved and recommended the issue of Bonus Shares in the ratio of 1:2 i.e., 1 Equity Share for every 2 equity shares held by the existing equity shareholder of the Company as on Record Date to be fixed in the meantime. The bonus issue of equity shares is subject to the approval of the shareholders through Postal Ballot, and any other applicable statutory and regulatory approvals, as may be required.

The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared, if any, after the issue and allotment of such Bonus Shares.

Source : Equity Bulls

Keywords

SBCExports BonusIssue 1For2