Indian Metals to issue bonus shares in 1:1 ratio

Indian Metals to issue bonus shares in 1:1 ratio

Indian Metals and Ferro Alloys (IMFA) on Friday informed that its board has approved at its meeting approved the issue of bonus shares in the ratio of 1:1.
The company has fixed Monday, January 10, 2022 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of above bonus equity shares. Indian Metals shares were trading nearly 1% higher in early deals.
The bonus shares will be issued out of permissible reserves (free reserves and/or securities premium reserve account and/or capital redemption reserve account) of the company available as on March 31, 2021. At the meeting, the board also decided to increase the authorised share capital of the company from Rs 38.75 crore to Rs 63.50 crore.

For the September quarter, Indian Metals & Ferro Alloys’ net profit surged three-fold to Rs 143.58 crore against Rs 43.62 crore during the corresponding quarter in 2020.
Its sales jumped 49% to Rs 653.16 crore in the quarter ended September 2021 from Rs 437.58 crore in the year-ago period.
IMFA is a fully-integrated producer of value-added ferro chrome with a capacity of 2.84 lakh tonnes per annum.

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