Sonata Software's board approves 1:3 bonus issue; stock skids ~2%

26 Jul 2022 , 09:30 AM

Sonata Software Limited informed that the board of directors of the company has considered, approved, and recommended a bonus issue of 1 equity share for every 3 equity shares held by the shareholders as on the record date.

The bonus issue of equity shares will be subject to Shareholder approval via postal ballot, as well as any other applicable statutory and regulatory approvals.

Once allotted, the bonus shares will rank pari-passu and have the same rights as the existing equity shares, and they will be entitled to participate in full in any dividend and other corporate action recommended and announced after the new equity shares are allotted.

The company will issue 35,053,102 shares to the existing shareholders in lieu of a total of 105,159,306 existing shares in the company.

The issue will be from the securities premium account of the company, and Rs35,053,102 will be required for implementing the bonus issue.

As of March 31, 2022, the company has a share premium account of Rs4,496 lakhs.

At around 9.34 AM, Sonata Software was trading at Rs730.15 down by Rs16.1 or 2.16% from its previous closing of Rs746.25 on the BSE. The scrip opened at Rs752 and has touched intraday high and low of Rs755.90 and Rs730.15 respectively.