Home / Markets / Stock Markets /  IT stock announces 1:3 bonus shares issue. Details here

While announcing its Q1FY23 earnings, Sonata Software informed that the board considered, approved and recommended a bonus issue in the ratio of 1:3 that is of 1 (one) equity share for every 3 (three) equity shares held by the Shareholders of the company as on the record date.

The bonus issue of equity shares will be subject to approval by the Shareholders through Postal Ballot, and any other applicable statutory and regulatory approvals, Sonata Software said in an exchange filing. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

Further, the company added that the Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted.

Meanwhile, the board of directors of the company in the meeting held 25th July, 2022 has accorded the in principle approval for merger of subsidiary of Sonata Software North America, Inc. viz. Sopris Systems LLC, with Sonata Software North America, Inc., wholly owned subsidiary of the Company.

Sonata Software Limited is a global technology company and is a service provider in business intelligence and analytics, application development management, mobility, cloud, social media, enterprise services, infrastructure management services among others.

The company has posted net profit of 107.7 crore for the first quarter ended June 30, 2022 as against 100.9 crore in the previous quarter (QoQ). Whereas, it reported total income of 1,797 crore during the three month period from 1,508.6 crore quarter-on-quarter (QoQ).

Sonata Software shares have declined more than 7% in a year's period whereas the IT stock is down about 17% in 2022 (YTD) so far as compared to 5% fall in benchmark BSE Sensex.

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