State-owned power giant NTPC has sought shareholders’ nod for issuance of bonus shares to raise up to Rs 1,649.09 crore.
“(Consent of members sought to capitalise a sum not exceeding Rs 1,649.09 crore out of the general reserves for allotment of new equity shares of Rs 10 each as fully paid-up bonus shares...in the proportion of 1 (one) new equity share for every 5 (five) existing equity shares held by the members,” a BSE statement said. The voting by members will be done from February 10 to March 11.
The Department of Investment and Public Asset Management (DIPAM) had issued guidelines on capital restructuring of central public sector enterprises (CPSEs) in May 2016 providing a comprehensive approach for efficient management of its investment in CPSEs. Considering the guidelines, the board of directors in its meeting held on January 30 recommended the issue of bonus shares, the company said.
The company’s board recommended the resolution as set out in the notice for approval of the members as an ordinary resolution through postal ballot or remote e-voting.