Company to Issue Up to 79.56 Lakh Bonus Equity Shares
Mohali:
In a significant development for the shareholders of Jonjua Overseas Ltd., BSE Ltd. has granted in-principle approval for the proposed issue and allotment of bonus equity shares by the company.
According to the communication issued by BSE, the exchange has approved in principle the proposed allotment of up to 79,55,966 equity shares of ₹10 each to eligible shareholders under the proposed 7:24 bonus ratio.
Under the proposal, shareholders will be entitled to receive 7 additional equity shares for every 24 existing equity shares held by them. The issue will be subject to the applicable record date and completion of the prescribed corporate and regulatory formalities.
The in-principle approval has been granted under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, the approval remains subject to the company fulfilling all applicable conditions and requirements prescribed by the stock exchange and other regulatory authorities.
Bonus Shares to Be Issued in Dematerialised Form
As part of the stipulated conditions, the proposed bonus shares will be issued in dematerialised form. The company will also be required to complete the necessary listing formalities, submit the prescribed documents and comply with applicable requirements under SEBI regulations, the Companies Act, 2013, and other relevant statutory provisions.
The final listing and admission of the bonus shares on the exchange will remain subject to fulfilment of all applicable conditions and completion of the required procedures.
An Important Regulatory Milestone
The BSE’s in-principle approval marks an important step forward for Jonjua Overseas Ltd.’s proposed bonus issue and brings the proposal closer to the next stage of implementation.
However, investors should note that in-principle approval should not be construed as final listing approval. The actual allotment and listing of the bonus shares will be subject to completion of all prescribed compliances, formalities and applicable approvals.
The development is expected to remain closely watched by shareholders and market participants as the company proceeds with the next steps relating to the proposed bonus issue.
