AVANTEL Ltd board recommends 3:1 bonus issue

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The Board of Directors of AVANTEL Ltd at their meeting held on May 06, 2022 have considered, approved and recommended issue of (3:1) 3 Bonus Shares for every 1 equity shares held by the equity shareholders of the Company as on a Record Date to be fixed thereon. The bonus issue of equity shares is subject to the approval of the shareholders and any other applicable statutory and regulatory approvals, as may be required.

The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared, if any, after the issue and allotment of such Bonus Shares.

The Board of Directors have authorized the Share Allotment Committee (SAC) of the Board to fix the Record Date for the purpose of Bonus lssue, allotment of Bonus Shares and matters related with the said Bonus Issue.

The board also approved increase in Authorized Share Capital: The Board of Directors has considered and approved increase in the Authorized Share Capital from Rs.7,00,00,000 divided into 70,00,000 equity shares of Rs. 10/- each to Rs. 20 Crore divided into 2,00,00,000 equity shares of Rs. 10/- each and consequential alteration in the Memorandum of Association of the Company, subject to the approval of shareholders of the Company.