IEX board approves 2:1 bonus issue, profit jumps 69%

Indian Energy Exchange reported 69% jump in standalone net profit at ₹78 crore for the September quarter as compared to ₹46 crore in the year-ago period.

The board has also approved bonus issue of equity shares in the proportion of 2:1 subject to the approval of shareholders through Postal Ballot i.e. in compliance with the applicable laws.

On Thursday, IEX stock was down by 4% at ₹757.95 on NSE. The shares have been losing for the last two days, falling over 10% in the period. However, since the start of 2021, the scrip has gained by a massive 267%.

A company issues bonus shares for their shareholders in order to increase the liquidity of the stock as well as with the aim to decrease its stock price to make it affordable for investors. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

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