Mumbai, July 02: The board of i-flex Solutions has recommended issuance of bonus shares in the ratio of 1:1, subject to shareholders approval, and decided not to proceed with a stock split. The board also cleared a proposal for sponsored or fresh issue of American Depository Receipts/Global Depository Receipts, the company informed the Bombay stock exchange on Tuesday.
Directors of the makers of banking automation software gave a nod to raise ceiling on the foreign institutional investors’ (FIIs) investments in the company upto 60% of equity share capital, it said. i-flex, 42% owned by Citigroup, has foreign fund investment of 24% of the paid-up capital now.
The company has convened the annual general meeting on July 31 to consider the bonus issue, ADR\GDR issue and hike in FII investment ceiling as part of the business agenda. Bureau Report