Evans Electric Ltd recommends 1:1 bonus issue

The Board of Directors of Evans Electric Ltd at their meeting held on December 16, 2022 has considered and approved the increase in Authorized Share Capital of the Company from Rs. 1,50,00,000 (Rupees One Crore Fifty Lakh Only) divided into 15,00,000 (Fifteen Lakhs) equity shares of Rs. 10/- each to Rs. 3,00,00,000 (Rupees Three Crores Only) divided into 30,00,000 (Thirty Lakhs) equity shares of Rs. 10/- each by creation of additional 15,00,000 (Fifteen Lakhs) equity shares of Rs. 10/- each and amendment of the Capital Clause in the Memorandum of Association of the Company subject to approval of the shareholders.

The Board of Directors have recommended the Bonus Issue of Equity Shares in the ratio of 1:1 i.e., 1 (One) fully paid up equity share for every 1 (One) equity share held to the shareholders of the Company as on Record Date as may be determined by the board of director(s), subject to the approval of the shareholders through Postal Ballot.

The Board of Directors duly approved passing of Members Resolution through Postal Ballot (evoting) for the proposed bonus issue.

The Board of Directors duly considered and approved appointment of MSDS & Associates, Practicing Company Secretaries, as the Scrutinizer to conduct the Postal Ballot (e-voting) processes.

The Board of Directors duly constituted a Committee to be called "Bonus Allotment Committee" consisting of Mr. Nelson Fernandes, Managing Director and Mr. Ivor Desouza, Director of the Company for the purpose of overseeing the conduct of the postal ballot process and other connected matters till the completion of the Bonus issue process.

The Board of Directors duly considered and approved notice of Postal Ballot to be circulated to the Members of the Company.

Shares of Evans Electric Ltd was last trading in BSE at Rs. 392.05 as compared to the previous close of Rs. 373.40. The total number of shares traded during the day was 2500 in over 4 trades.

The stock hit an intraday high of Rs. 392.05 and intraday low of 392.05. The net turnover during the day was Rs. 980125.00.

Source : Equity Bulls

Keywords

EvansElectric INE06TD01010 BonusIssue 1For1