Sonata Software board approves issue of 1:3 bonus

    Sonata Software board approves issue of 1:3 bonus
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    By CNBC-TV18  IST (Updated)

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    Sonata Software said it would issue shares in the ratio of 1:3, i.e., one new bonus equity share for every three existing equity shares.

    IT company Sonata Software on Monday said its board considered and approved a bonus issue of shares.
    The company said it would issue shares in the ratio of 1:3, i.e., one new bonus equity share for every three existing equity shares.
    The allocation is subject to the approval of shareholders through a postal ballot. The board of Sonata Software approved the proposed bonus issue at its meeting held on the same day.
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    A securities premium of Rs 35,053,102 is required for implementing the bonus issue. As of March 31, 2022, the balance of Rs 4,496 lakh is available in the securities premium account, the company informed.
    The bonus shares would be credited to eligible investors by September 24, 2022 — two months from the date of board approval.
    The bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted, the company added.
    Bonus share issues are usually used by companies to encourage retail participation. By increasing the number of outstanding shares, the stock price decreases, making it more affordable for retail investors.
    Shares of Sonata Software ended at Rs 746.25, up by Rs 26.10, or 3.62 percent on the BSE.
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