Algoquant Fintech Limited’s board of directors approved several significant corporate actions during its meeting held today. The company announced an increase in authorized share capital, a stock split, and a generous bonus share issuance to enhance liquidity and reward shareholders.
The board approved increasing the authorized share capital from ₹3.5 crore to ₹30 crore by creating additional equity shares. It also decided to amend the Articles of Association to explicitly empower the company to issue bonus shares.
A stock split was approved, dividing each fully paid equity share of face value ₹2 into two shares of ₹1 each. The company said this move aims to improve liquidity and make the shares more affordable for retail investors.
Additionally, the board proposed a bonus issue in an 8:1 ratio, meaning shareholders will receive eight fully paid equity shares of ₹1 each for every one share they currently hold. The bonus shares will be issued from the company’s free reserves.
The record dates for both the stock split and bonus issue will be announced later. The company stated that these steps are expected to be completed within two months from shareholder approval.
Following these corporate actions, the company’s paid-up equity capital will rise from approximately ₹3.12 crore to about ₹28.11 crore.
