Vipul Organics board recommends bonus issue of shares in the ratio of 1:4
Mar 01, 2022
Mumbai (Maharashtra) [India], March 1 : Vipul Organics Limited, a leading specialty chemicals company in the pigments and dyes segment, said on Tuesday its board has recommended a bonus issue of shares in the ratio of 1:4.
The record date for the bonus issue is set on April 9, 2022. As per the board recommendation, the company will issue 1 new fully paid-up equity share for every 4 fully paid-up equity shares held. A total of 25,62,375 new equity shares will be issued.
"Over the past five decades, the Company has grown to become one of the largest manufacturers of pigment and dyes in India. This was made possible due to the unequivocal support of all its shareholders," said Vipul Shah, Managing Director, Vipul Organics Limited, said in a statement.
The company's board also approved and recommended Vipul Organics Limited - Employee Stock Options Scheme 2022 ("VOL - ESOS 2022") and issuance of up to 2,00,000 options to the eligible employees.
"The issue of bonus equity shares and ESOS's is a token of appreciation for the continued support of its shareholders and employees respectively," Shah said.
The board also allotted 3,34,000 equity shares at an issue price Rs 111 each (including premium of Rs 101 per share) upon conversion of 3,34,000 warrants issued on preferential basis, as approved by the members of the Company in their Extra Ordinary General Meeting held on 30th January 2021 to the promoter and promoter group of the Company.
Upon conversion of the Warrants, the promoters' stake in the company has increased from 65.08 per cent to 66.22 per cent. After the above allotment, the paid-up share capital of the company stands increased to Rs 10,24,95,000 divided into 1,02,49,500 equity shares of Rs 10 each.
