KNR Constructions shareholders nod bonus issue of 1:1; Re-appoints K Narsimha Reddy as MD

KNR Constructions have informed exchanges that the company's shareholders through the latest postal ballot have approved bonus shares issue of 1:1.

On January 24, KNR Constructions said, "we would like to inform that the Executive Finance Committee of the Company, in their just-concluded Meeting, has, inter alia, resolved to fix Thursday the 04,02.2021 as the Record Date for the purpose of proposed Bonus Issue."

Additionally, the shareholders approved to increase authorised share capital from Rs35cr to Rs60cr and consequent alteration to the Capital Clause of the Memorandum of Association.

Also, the shareholders have approved re-appointment of K Narsimha Reddy to the office of Managing Director of the Company. While re-appointment of K Jalandhar Reddy to the office of Executive Director of the Company was also approved.

At around 2.49 pm, KNR Constructions was trading at Rs370 per piece flat compared to the previous closing.