Sterlite Power announced the issuance of bonus shares at a ratio of 1:1, meaning one new bonus share €2/- each for each existing fully paid share capital share of €2/-, each held by the existing shareholders, said their annual report for 2021-22.
The Company said that “by the issuance and allotment of 6.11.81.902 (Six Crores Eleven Lakhs Eighty-One Thousand Nine Hundred Two) Fully Paid Shares of par value €2/- each as bonus shares to the holders of existing fully paid shares with a nominal value of €2/- each of the company whose names appear in the Register of Members / position of beneficial owners of the company as at the record date, as determined by the Board of Directors for that purpose, in a ratio of 1:1.”
The Bonus Shares so allocated will be treated as an increase in the Company’s paid-up share capital held by each such member and not as income in lieu of a dividend. The bonus shares, when issued and allocated, will rank pari passu in all respects with existing shares and have the same rights as the company’s existing fully paid shares, it said.
During FY22, Sterlite Power’s consolidated net income halved €440 crore compared to €870 crore in FY21, although revenue from operations has increased to €5,197 crore in FY22 from €2,092 crore in FY21.
In August last year, billionaire Vedanta Resources Chairman Anil Agarwal, Sterlite Power Transmission submitted his draft Red Herring Prospectus (DRHP) to market regulator Securities and Exchange Board of India (Sebi) to raise up to €1,250 crore through an initial public offering (IPO).
“The company has submitted the DRHP to the SEBI, BSE and NSE and also received approval in principle from BSE on September 30, 2021 and from NSE on November 24, 2021, respectively,” the company said in its annual report. The sale of shares still has to be introduced.
Sterlite Power, the power transmission infrastructure company, part of the Vedanta Group, has two divisions, Global Infrastructure and Solutions, and is funded by Agarwal and Twin Star Overseas. The energy company undertakes and handles power transmission projects and power line projects in India.
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