Bonus shares: KPI Green Energy announces January 3 as record date

KPI Green Energy Ltd. has announced January 3 as the record date to determine the eligibility of shareholders for its proposed bonus issue of equity shares. As per an exchange filing on Thursday, the bonus shares will be issued in the ratio of one equity share of ₹5 face value for every two existing shares held.

The issuance of bonus shares remains subject to shareholder approval, which the company is securing through a postal ballot. KPI Green’s board had initially recommended the bonus issue on November 14, and the shares are expected to be dispatched within two months from that date, no later than January 14, 2025.

The bonus shares will be drawn from the company's securities premium account as of March 31, 2024.

In addition to this, KPI Green has entered into a memorandum of understanding with the Rajasthan government to develop hybrid solar and wind power projects in Jaisalmer.

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Shares of KPI Green closed 2.06% lower at ₹764.10 on the Stock Exchange on Thursday, underperforming the 1.02% decline in the benchmark Nifty. Despite this, the stock has delivered a robust 56.1% gain so far this year.