Power Grid Corporation seeks shareholders nod to capitalise Rs 1,743 crore reserves to issue bonus shares

PTIUpdated: Friday, June 25, 2021, 11:05 PM IST
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Power Grid Corporation seeks shareholders nod to capitalise Rs 1,743 crore reserves to issue bonus shares | Photo by Pok Rie from Pexels

State-run Power Grid Corporation of India Ltd (PGCIL) will seek shareholders' approval for the issue of bonus shares by capitalisation of reserves worth about Rs 1,743 crore in an extraordinary general meeting (EGM) next month.

The special resolution to capitalise reserves of Rs 1743,86,32,160 for issuing bonus shares in the ratio of 1:3 is listed on the agenda of the EGM scheduled on July 20, 2021, a BSE filing said.

According to the notice of the EGM, the board of directors of the company in their meeting held on June 17, 2021, had recommended issue of bonus shares in the proportion of 1:3 i.e.1 (one) equity share of nominal value Rs 10 each for every 3 equity shares of nominal value of Rs 10 each held by member(s) on the record date, by capitalisation of a sum not exceeding Rs 1743,86,32,160.

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