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The Board of Directors of KPI Green Energy Ltd. on Wednesday approved the issue of bonus shares in a 1:1 ratio i.e., one bonus equity share with a face value of Rs 10 against one existing equity share. The board’s decision is subject to the approval of shareholders.

The board also recommended an ordinary resolution through a postal ballot to increase the authorised share capital of the company inter alia to accommodate the bonus from Rs 20 crore to Rs 40 crore, and a consequent amendment to the Memorandum of Association of the company.

Also Read: KPI Green Energy gets commissioning certificate for 5.4 MW CPP solar plant, shares surge

The total number of securities proposed to be issued is 1,80,67,000 equity shares of Rs 10 each valuing a total of Rs 18.06 crore. The estimated date by which such bonus shares would be credited is within two months from the date of Board approval i.e., by January 29, 2023.

The board also approved the appointment of Shanker Baheria as a Non-Executive Independent Director of the company.

The company reported a 178.32 percent increase in net sales at Rs 159.84 crore in the September quarter compared to Rs 57.43 crore in the same period a year ago. The quarterly net profit stood at Rs 21.16 crore from Rs 12.26 crore in the year-ago quarter.

KPI Green Energy shares are trading at Rs 934.05, down 1.95 percent.

(Edited by : Rukmani Krishna)