This Energy Stock Surges on Board Announcements: Bonus Shares, Strong Q4 & More

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This Energy Stock Surges on Board Announcements: Bonus Shares, Strong Q4 & More
Credit: © Reuters.

By Malvika Gurung

Investng.com -- The energy services providing company Eki Energy Services (BO: EKIE ) has announced to issue bonus shares in its board meeting held on Tuesday, while the company’s Board also approved to increase its authorised share capital from Rs 8 crore to Rs 30 crore.

Shares of the energy company surged 4.1% to Rs 7,548.5 apiece at 11:15 am on Wednesday. They have rallied over 1,635% in a year.

The company’s Board has approved issuing bonus shares to its existing shareholders in the ratio of 3:1, which means that for every 1 share held by the shareholder, 3 additional shares will be issued by the company.

Eki Energy will issue a total of 2,06,22,000 bonus shares for an approximate amount of Rs 20,62,20,000. The shares will be credited by July 12, 2022.

Further, the company’s board has approved the company's migration from the SME segment to the BSE Main Board.

In FY22, the energy provider’s standalone net profit skyrocketed 1,951.15% YoY to Rs 383.36 crore, and its total standalone income rallied 834% YoY to Rs 1,801.31 crore in the financial year.

"The company is also committed to becoming net-zero by the year 2030 and has defined a target to mobilise up to 1 billion credits within the next 5 years”, stated EKI Energy's CMD & CEO, Manish Dabkara.

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