Home / Companies / News /  IPO-bound Sterlite Power announces bonus shares issue in 1:1 ratio

Sterlite Power announced the issue of bonus equity shares in the ratio of 1:1, that is one new bonus equity share of 2/- each for every one existing fully paid-up equity share of 2/- each held by the existing shareholders, it said in its annual report for 2021-22.

The company said that “by issue and allotment of 6,11,81,902 (Six Crores Eleven Lakhs Eighty-One Thousand Nine Hundred Two) fully paid-up equity shares of face value of 2/- each as bonus shares to the holders of existing fully paid-up equity shares of face value of 2/- each of the Company, whose names will appear in the Register of Members / Beneficial Owners’ Position of the Company as on Record date, as fixed by the Board of Directors for this purpose, in the proportion of 1:1."

The bonus shares so allotted shall be treated as an increase in the paid up equity share capital of the company held by each such member and not as income in lieu of dividend. The bonus shares if issued and allotted shall rank pari-passu in all respects with existing equity shares and carry the same rights as the existing fully paid equity shares of the company, it said.

During FY22, Sterlite Power's consolidated net profit halved to 440 crore as compared to 870 crore in FY21 even as its revenue from operations rose to 5,197 crore in FY22 from 2,092 crore in FY21.

In August last year, billionaire and Vedanta Resources Chairman Anil Agarwal-led Sterlite Power Transmission had filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) to raise upto 1,250 crore through an initial public offering (IPO). 

“The company has filed the DRHP with SEBI, BSE & NSE and also received in principal approval from BSE on September, 30, 2021 and from NSE November 24, 2021 respectively," the company said in its annual report. It is yet to launch the share sale.

Sterlite Power, the electricity transmission infrastructure firm, part of Vedanta group, has two business lines, global Infrastructure and solutions and is promoted by Agarwal and Twin Star Overseas. The power company takes and handles power transmission projects and electric line projects in India.

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