Jindal Worldwide Ltd. on Tuesday said that it will issue four bonus shares to its shareholders against one each held by them.
According to the exchange filing, the company will issue bonus equity shares in the proportion of 4:1—four new fully paid-up equity shares of Re 1 each for one existing fully paid-up equity share of Re 1 each held—to eligible equity shareholders.
The development follows the board on Tuesday considering and recommending the same to the company's shareholders for their approval through a postal ballot process.
The bonus equity shares will be issued out of free reserves and/or the securities premium account available as of March 31, 2024, the filing added.
It added that the company will intimate about the notice of the postal ballot and the record date for the eligibility of bonus shares separately.
In keeping with the issuing of bonus shares, the company will also increase its authorised share capital and alter the capital clause of the Memorandum of Association.
As of now, paid-up share capital totals up to Rs 20.05 crore, with 20,05,20,400 fully paid-up equity shares of Re 1 each. After the bonus issue of 100,26,02,000 fully paid-up equity shares of Re 1, this figure will increase to Rs 100.26 crore, the company stated.
Shares of Jindal Worldwide Ltd. closed 7.36% higher at Rs 446.25 apiece on the BSE, compared to a 0.30% advance in the benchmark Sensex.
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