IEX Q2 net up 75 per cent to ₹ 77 cr; announces 2:1 bonus
Total income rose to ₹ 122.30 crore in the quarter
The Indian Energy Exchange (IEX) on Thursday posted a nearly 75 per cent jump in consolidated net profit at ₹ 77.38 crore for the September quarter, mainly on the back of higher revenues.
The consolidated net profit of the company stood at ₹ 44.33 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.
Total income rose to ₹ 122.30 crore in the quarter from ₹ 78.71 crore in the year-ago period.
2-for-1 bonus announcement
The board in its meeting on Thursday recommended a bonus issue of equity shares in the proportion of two shares of Re 1 each for every one existing share of ₹ 1 each held by the shareholders as on the record date.
This is subject to the approval of shareholders through postal ballot, it added.
Under the bonus issue, 59,91,13,022 equity shares with face value of ₹ 1 each (total face value Rs 59,91,13,022) would be issued.
The bonus shares will be issued out of the free reserves created out of the profits of the company available as at March 31, 2021, it said.
The share capital of the company before the bonus issue stands at ₹ 29,95,56,511, divided into 29,95,56,511 equity shares of face value of Re 1 each.
The company said free reserves of ₹ 59,91,13,022 are required for implementing the bonus issue.
As on March 31, 2021, a balance of ₹ 42,761.38 lakh is available in the free reserves, it added.
The bonus shares are expected to be credited or despatched within two months from the board meeting (that is, December 20, 2021), it stated.