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Indian Metals and Ferro Alloys on Friday informed that its board has approved at its meeting approved the issue of bonus shares in the ratio of 1:1. The company has fixed Monday, January 10, 2022 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of above bonus equity shares. Indian Metals shares were trading nearly 1% higher in early deals.

“Issue of Bonus Equity Shares in the ratio of 1 (One) new Equity Bonus Share of Rs.10/- each for every l(One) existing Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the Record Date, subject to the approval of shareholders of the Company through Postal Ballot and other applicable statutory and regulatory approvals; as may be required," the company said in a BSE filing today.

Indian Metals said that bonus shares will be issued out of permissible reserves(Free Reserves and/ or Securities Premium Reserve Account and/or Capital Redemption Reserve Account) of the company available as at March 31, 2021.

Earlier this week, the company had announced its decision to conduct a meeting with the board of directors of the company to be held on November 25 to consider the proposal of issuing bonus shares.

Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully integrated producer of value added ferro chrome with capacity of 2.84 lakh tonnes per annum. Shares of Indian Metals has given multibagger return this year so far by rising over 175% in 2021 (year-to-date or YTD).

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