Financial stock revises record date for 2:3 free share issue. Details inside

Escorp Asset Management has revised its record date to September 5, from September 3, 2022 for the free share issue it announced at a 2:3 ratio. Free shares are additional fully paid shares issued by a company to its existing shareholders.

“The purpose of this letter is to inform you that the company has set Monday, September 05, 2022 as the record date for the purposes of establishing the eligibility of shareholders for the issue of free shares in the proportion of 2:3*, i.e. 2 (two) Fully Paid Capital Shares for every 3 (three) Existing Fully Paid Capital Shares held, subject to shareholder approval at the Annual General Meeting (AGM) to be held on Friday August 26 2022,” the company advised in an exchange filing Wednesday.

Last month, the company said that “we hereby inform you that the board of directors, at its meeting held today, i.e. July 30, 2022, has, among other things, considered and approved the following: 1. Approved rectification of free share issue in the ratio of 2:3* i.e. 2 new fully paid equity shares for every 3 existing fully paid equity shares held by shareholders replacing the previous resolution passed by shareholders by mail vote on July 14, 2022, subject to shareholder approval at the 11th AGM.”

The company said the bonus issue is created from the free reserves available as of March 31, 2022. “The capital released before the bonus issue is 6,67,00,000 consisting of 66,70,000 Participating Shares of 10 each and the paid-up capital after the bonus issue will be up to Rs. 11,11,66,660 consisting of 66,70,000 existing equity shares plus bonus shares up to 44,46,666 equity shares of 10 each,” he added. The company added that the estimated date when these free shares would be credited/sent: September 21, 2022.

Based in Mumbai, India, Escorp Asset Management offers portfolio management, personal finance advisory, institutional asset management and research services. The company is a subsidiary of Aryaman Financial Services Limited, which is the flagship company of the Aryaman Group. Aryaman Group is a financial services player with interests in merchant banking, investment banking, corporate advisory, equity brokerage, market making and equity investments.

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