Naapbooks Announces 2:1 Bonus Share Issue; Shareholders To Receive 2 New Equity Shares For Every 1 Held

Naapbooks Announces 2:1 Bonus Share Issue; Shareholders To Receive 2 New Equity Shares For Every 1 Held

The Board approved an increase in the Authorized Share Capital from Rs 3,20,00,000 to Rs. 10,00,00,000.

Oliviya KunjumonUpdated: Friday, March 08, 2024, 12:03 PM IST
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NaapBooks Announces 2:1 Bonus Share Issue |

Naapbooks Limited, a Fintech solutions company, announced key decisions made during its Board of Directors meeting through an exchange filing on Thursday.

Bonus share issuance

The Board recommended a 2:1 Bonus Share issue, entitling shareholders to receive 2 new Bonus equity shares of Rs 10 each for every 1 existing equity share. An Extra-ordinary General Meeting (EOGM) is also scheduled for April 6, 2024, to seek shareholder approval for these matters.

Authorized share capital increase

The Board approved an increase in the Authorized Share Capital from Rs 3,20,00,000 to Rs. 10,00,00,000. This includes a division of equity shares of face value Rs 10 each, from 32,00,000 to 1,00,00,000, pending approval from the company's members.

Fundraising strategies

Naapbooks is exploring diverse avenues for raising funds, including Preferential Issue, Rights Issue, Loans from financial institutions, and Debt instruments. The Board has given the nod to raise funds through multiple routes, with detailed plans to be finalized in an upcoming meeting, the company said in the regulatory filing.

Advisory Committee formation

In the Board meeting, a decision was also made to constitute an 'Advisory Committee' comprising external advisors, aiming to enhance the knowledge and skills of the formal board of directors for more effective guidance.

The company fixed the Cut-off date for eligibility at March 30, 2024, for voting at EGM by Poll.

Bonus Share Details

Bonus Ratio: 2:1

Pre-Bonus and Post-Bonus Share Capital: Rs 3,00,66,000 and Rs 9,01,98,000 respectively.

Free Reserves or Share Premium for Bonus Issue: Rs. 6,01,32,000.

Availability of Free Reserves or Share Premium: Rs 2,71,10,843 as of September 30, 2023.

Timeline

The bonus shares are expected to be credited or dispatched within two months from the date of the board meeting, expectedly by May 7, 2024.

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