IT player 8K Miles Software Services Ltd on Wednesday announced its plans to raise ₹ 500 crore through a mix of instruments including issue of equity shares or convertible bonds through qualified institutional placement (QIP), among others.
At the board meeting of the company held on August 24, it was approved to split the shares of the company having face value of ₹10 each into two equity shares of face value of ₹ 5 each.
Explaining the rationale behind the share split, the company stated, it is to improve the liquidity of equity shares with higher floating stocks and to make the equity shares more affordable to the investors.
Further, the board also recommended issue of bonus equity shares in the ratio of 1:3 (one bonus share for every three existing fully paid-up equity shares of face value of Rs 5 each) of the company by way of capitalisation in free reserves subject to the approval from the shareholders.
8K Miles shares ended negative on the National Stock Exchange (NSE) at ₹ 2105.50, down 2.8 per cent from its previous close.