Ujaas Energy Approves Massive Bonus Share Issue and Fundraising Plans
Ujaas Energy's board has approved a 2:1 bonus share issue, allotting over 2.22 crore shares to public equity shareholders. This move aims to utilize the company's reserves. Shareholder approval is required at the upcoming AGM. Additionally, the board seeks to raise funds through various financial instruments up to Rs 500 crore.
- Country:
- India
On Tuesday, the board of Ujaas Energy approved a bold proposal to issue a 2:1 bonus share issue, aiming to allot more than 2.22 crore shares to public equity shareholders, with promoters excluded from this incentive.
According to the company's regulatory filing, shareholders will benefit from two fully paid-up equity shares of Re 1 face value for each existing share they own, contingent upon approval at the forthcoming annual general meeting (AGM).
Additionally, the board has paved the way for a fundraising initiative, approving resolutions to gather up to Rs 500 crore through options like FPO, ADR, GDR, and QIP, pending shareholder approval at the AGM. The company also plans to borrow up to Rs 1,000 crore.
(With inputs from agencies.)
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