IEX Q2 net profit up 75% to Rs 77 crore; announces bonus issue

The Indian Energy Exchange (IEX) on Thursday posted a nearly 75 per cent jump in consolidated net profit at Rs 77.38 crore for the September quarter, mainly on the back of higher revenues.

The consolidated net profit of the company stood at Rs 44.33 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.

Total income rose to Rs 122.30 crore in the quarter from Rs 78.71 crore in the year-ago period.

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 Re 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 Re 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 Rs 29,95,56,511, divided into 29,95,56,511 equity shares of face value of Re 1 each.

The share capital post the bonus issue would be Rs 89,86,69,533, divided into 89,86,69,533 equity shares of face value of Re 1 each.

The company said free reserves of Rs 59,91,13,022 are required for implementing the bonus issue.

As on March 31, 2021, a balance of Rs 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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