Inox Wind sets May 18 as record date for 3:1 bonus issue

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The board of Inox Wind Ltd. has fixed Saturday, May 18, 2024 as the record date to determine the shareholders’ eligibility for allotment of bonus shares in the proportion of 3:1 i.e. three new equity shares of face value of ₹10 per share for every one existing equity share.

Inox Wind has announced its first-ever bonus issue on April 25, 2024.

The issuance of bonus equity shares is subject to the approval of the shareholders of the company, which is being sought at the 11th extra-ordinary General Meeting scheduled for May 17, 2024, Inox Wind said in an exchange filing on May 4.

Firms issue bonus shares to capitalise on their free reserves, increase their Earnings Per Share (EPS) and paid-up capital, along with reducing the reserves. Shareholders are issued these shares at no additional cost and hence are also known as free shares.

Only those investors will be eligible for bonus shares who will buy the stock before the ex-date. If an investor purchases the shares on the ex-date or after that, they will not be eligible to get bonus shares.

In 2023, Inox Wind’s board had approved the scheme of amalgamation of Inox Wind Energy into Inox Wind. Shareholders of Inox Wind Energy received 158 equity shares of Inox Wind for every 10 shares held.

In addition, 10 share warrants of Inox Wind Energy were also issued for ₹847 apiece.

Shares of Inox Wind settled 1.84% higher at ₹616 on Friday. The stock has now surged 430% in the last 12 months.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow