Ujaas Energy Board approves ₹500-crore fundraise, 1:4 bonus issue

Ujaas Energy Ltd, one of the leading solutions providers in the solar power sector, has announced a bonus issue for its equity shareholders.

The company’s Board of Directors at its meeting held on Monday, July 15, approved the issue of bonus shares in the ratio of 1:4. The Board also approved a proposal for raising funds up to ₹500 crore.

This means that one new fully paid-up equity share of ₹1 each would be issued for every four existing fully paid-up equity shares of ₹1 each held by the eligible shareholders as of the record date.

Ujaas Energy would be requiring up to ₹13.25 lakh from its free reserves for implementing the bonus issue.

The company also said that these bonus shares would be credited within two months from the date of board approval if approved by the shareholders of the company in the ensuing annual general meeting (AGM).

Ujaas Energy’s share capital would increase to 10.66 crore post-bonus issue compared to 10.53 crore pre-bonus issue.

Besides this, the board also approved an enabling resolution to raise funds to the tune of ₹500 crore through a follow-on public offer, American depository receipt, global depositary receipt, qualified institutional placement or rights issue. The fundraising would also be subject to the approval of shareholders in the ensuing AGM.

Additionally, the board approved an enabling resolution to borrow funds not exceeding ₹1,000 crore, subject to approval of the shareholders in the ensuing AGM.

Ujaas Energy also announced the appointment of Anurag Mundra as a wholetime director of the company for a period of five years.

Shares of Ujaas Energy rallied up to 5% to hit a record high of ₹288.77 apiece on the NSE on Monday. However, trading in the stock remained temporarily suspended on Tuesday.