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

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

Board approval

On October 21, the board had approved an issue of bonus shares wherein shareholders will get two bonus shares for every one held.

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

The current authorised share capital of the company stands at ₹40.25 crore divided into 40.25 lakh shares of ₹1 each. The company proposes to increase its authorised share capital to ₹100 crore divided into 100 crore equity shares of ₹1 each to cover the issuance of bonus shares.

The stock of IEX on Friday closed 2.96 per cent lower at ₹753.20 on the BSE.