Multibagger Stock Announces Free Share Issuance at 1:2 Ratio
Xpro India announced that its board of directors at its meeting on Wednesday recommended the issuance of free shares in the ratio of 1:2. The company said that the record date for the calculation of eligible shareholders entitled to receive free shares will be communicated separately.
“Recommended the issuance of free shares in the proportion of 1 (one) Share of capital of ₹10/- each for each tranche of 2 (two) existing fully paid-up participating shares of ₹10/- each held by the shareholders of the Company on the record date, subject to the approval of the shareholders of the Company at the following annual general meeting and other applicable legal and regulatory approvals; as required,” informed Xpro India in an exchange filing.
In addition, the board also approved the reservation of a capital share of ₹10- each for two shares of ₹10 each, to be allotted after exercise of the option, by the warrant holder(s) for the conversion of up to 19,68,000 convertible warrants outstanding as of March 31, 2022 into equity shares fully released.
The board also recommended a dividend of ₹2.00 per capital share of ₹10/- each for the year ended 31 March 2Y22, subject to approval by the shareholders of the company at the next AGM.
Xpro India Limited is part of Birla Group, a conglomerate made up of many divisions. It is a diversified multi-divisional, multi-site company with a strong commitment to the polymer processing industry. Xpro India shares are up over 640% in a year, while multibagger stock is up around 13% in 2022 (YTD) so far.