Board of Directors of this stock multibagger approves bonus issue: Check out the key points

With a market capitalization of 7,800.21 crore, eClerx Services Ltd. is a mid-cap company serving the information technology industry. The company is engaged in providing business process management, data-driven insights and advanced analytics services to a wide range of sectors such as financial services, cable and telecommunications, retail, fashion, media and entertainment, manufacturing, travel, software and high technology. At the meeting held on Tuesday, August 9, 2022, the Board of Directors of the Company approved the plan to increase share capital and issue bonus shares.

The company said in a regulatory filing that “This is to inform you that the Board of Directors of the Company at its meeting to be held on Tuesday, August 9, 2022 commencing at 14:25 pm and ended at 17:50 pm, inter-alia, have agreed to the following business transaction: Approve the increase of the Company’s Permitted Share Capital from the existing Allowed Share Capital of Rs. 50,01,00,000 / – (Only Rupees Fifty Crore One Lakh) divided into 5,00,10,000 {Five Crore Ten Thousand) Equity Shares Rs. 10/- (Ten Rupees only) each Rs. 100,00,00,000 / – (Rs One Hundred Crore Only) divided into 10,00,00,000 (Ten Crore) Equity Shares Rs. 10/- (Ten Rupees Only) each and Consequential Change in the Capital Articles of the Memorandum of Association, subject to shareholder approval via Postal Ballot. “

The company also added that its Board of Directors has “Approved the issuance of Equity Bonus Shares at the rate of 1 (one) new fully paid equity shares of Rs. 10/- (Ten Rupees Only) per share for every Rs 2 (two) shares available. 10/- (Ten Rupees Only) each held by members on record date, subject to shareholder approval via Postal Ballot. “

With the approval of shareholders at the company’s upcoming Annual General Meeting of Shareholders (AGM), the Board of Directors has proposed a dividend for Re. 1 per share equity Rs. 10 per annum for the financial year ending March 31, 2022. For the same purpose, the company stated that the Board of Directors has “Approved to correct the Date recorded as Friday, August 19, 2022 in order to for the purpose of determining the right to receive final dividends for the year ended March 31, 2022, if approved by the shareholders. “

Eclerx Services Ltd shares closed today at 2,305.00 each, up 1.31% from the previous close. The stock price has increased from 210.25 since January 4, 2008 to the current record multibagger returns and all-time high is 996.31%. Over the past 1 year, the stock is up 9.92%, and on a year-to-date basis, the stock is down 17.30% so far in 2022.

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