Home / Markets / Stock Markets /  Board of this multibagger stock approves bonus issue: Check key takeaways

With a market capitalization of 7,800.21 crore, eClerx Services Ltd. is a mid-cap company that serves the IT industry. The company is engaged in providing business process managment, data-driven insights and advanced analytics services to a range of sectors such as financial services, cable and telecommunications, retail, fashion, media and entertainment, manufacturing, travel, software and high-tech. At its meeting held on Tuesday, August 9, 2022, the Company's Board of Directors approved the proposal to increase the share capital and issuance of bonus shares.

The company has said in a regulatory filing that “This is to inform you that the Board of Directors of the Company at its meeting held on Tuesday, August 9, 2022 which commenced at 14:25 p.m. and concluded at 17:50 p.m., inter-alia, unanimously transacted the following business: Approved the increase in Authorised Share Capital of the Company from the existing Authorised Share Capital of Rs. 50,01,00,000/- (Rupees Fifty Crore One Lakh Only) divided into 5,00,10,000 {Five Crore Ten Thousand) Equity Shares of Rs. 10/- (Rupees Ten Only) each to Rs. 100,00,00,000/- (Rupees One Hundred Crore Only) divided into 10,00,00,000 (Ten Crore) Equity Shares of Rs. 10/- (Rupees Ten Only) each and Consequential Alteration in the Capital Clause of the Memorandum of Association, subject to shareholders' approval through Postal Ballot."

The company has further said that its Board of Directors has “Approved the issuance of Bonus Equity Shares in the proportion of 1 (one) new fully paid up equity share of Rs. 10/- (Rupees Ten Only) each for every existing 2 (two) equity shares of Rs. 10/- (Rupees Ten Only) each held by the members as on the record date, subject to shareholders' approval through Postal Ballot."

Subject to approval by the shareholders at the upcoming Annual General Meeting (AGM) of the firm, the Board of Directors of the company has recommended a dividend of Re. 1 per equity share of Rs. 10 each for the fiscal year ended March 31, 2022. For the purpose of the same the company has said that the Board has “Approved to fix up the Record Date as Friday, August 19, 2022 for the purpose of determining the entitlement for receipt of the final dividend for the year ended March 31, 2022, if approved by the shareholders."

The shares of Eclerx Services Ltd closed today at 2,305.00 apiece, up by 1.31% from the previous close. The stock price has risen from 210.25 as of 4th January 2008 to the current level which logs in a multibagger return and an all-time high of 996.31%. In the last 1 year, the stock has gained 9.92% and on a YTD basis, the stock has fallen 17.30% so far in 2022.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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