BackInfibeam Avenues approves 1:1 bonus share issue
Infibeam Avenues said that the record date, for determining eligible shareholders entitled to receive bonus shares, will be announced in due course
PremiumInfibeam Avenues Ltd (IAL) on Monday posted an 89% jump in its net profit to ₹24 crore for the December 2021 quarter, and announced a bonus share issue for the shareholders. Shares of Infibeam closed 5% lower at ₹44 apiece on the BSE in Monday's deals.
The Board has approved the issue of one bonus share for every one equity share held (in the ratio of 1:1) by the company's shareholders as on 'Record Date'. The record date, for determining eligible shareholders entitled to receive bonus shares, will be announced in due course, it added.
The bonus issue of equity shares is subject to the approval of the shareholders and other applicable statutory and regulatory approvals, as may be required, the filing said.
Additionally, the board of the company has also declared an interim dividend of Re 0.05 per equity share and the record date for payment of this interim dividend has been set for February 8, 2022.
Infibeam Avenue's gross revenue during October-December 2021 grew 74% to ₹397 crore from ₹228 crore in the year-ago period. The company has also announced the acquisition of UVIK Technologies.
The transaction involves a cash consideration of ₹12 crore and a preferential issue of about 61.1 lakh equity shares (up to ₹27.5 crore), and the balance amount by way of the reward incentive mechanism, as mutually agreed, the company added.
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