Sakuma Exports announces 4:1 bonus shares, plans to raise Rs 500 crore via QIP
Sakuma Exports announces 4:1 bonus shares, plans to raise Rs 500 crore via QIP
Sakuma Exports on Monday (July 1) said its board of directors approved the issuance of bonus shares, fund-raising through a Qualified Institutions Placement (QIP), and substantial investments in its subsidiaries.
The company has approved the issuance of bonus shares in a 4:1 ratio, where four new fully paid-up equity shares of ₹1 each will be allotted for every one existing fully paid-up equity share of ₹1 each, subject to shareholder approval.
"Approved Issue of Bonus Shares by way of capitalization of Capital redemption Reserves, Securities Premium Account and General Reserves account as of 31st March 2024 to the equity shareholders of the Company in the ratio of 4: 1 i.e., 4 (Four) new fully paid-up Equity Shares of Re. 1/- (Rupee One only) each for every 1 (One) existing fully paid-up Equity Share of Re. 1/- each held by the eligible shareholders as on the Record Date," according to a stock exchange filing.
In addition to the bonus shares, Sakuma Exports is set to raise up to ₹ 500 crore through a Qualified Institutions Placement (QIP). The funds will be raised in one or more tranches as per the Companies Act, 2013, and SEBI regulations.
"Raising of funds by way of a Qualified Institutions Placement (by means of issuing Equity Shares) for an amount up to ₹500 crores, in one or more tranche or tranches," Sakuma Exports said.
Furthermore, Sakuma Exports has approved an investment of up to ₹600 crore in its direct or step-down subsidiaries, both existing and future, located in India and abroad.
"To undertake investment up to a sum of ₹600 crores in direct / step down subsidiaries of the company whether existing or proposed to be set-up at a future date and whether situated in India or abroad," the company added.
Shares of Sakuma Exports Ltd ended at ₹35.34, down by ₹0.0100, or 0.028% on the BSE.