This IT stock may consider issue of bonus shares, board meet next week
Premium- Sonata Software's board may consider proposal for issue of bonus equity shares on 25th July, 2022
Sonata Software earlier this week announced that its board will meet next week on Monday, 25th July, 2022 to consider the issue of bonus equity shares along with releasing its financial results for the first quarter ended June 2022 (Q1FY23).
“This is further to our letter dated 4th July, 2022 intimating that the board meeting of the company is scheduled on Monday, 25th July, 2022, inter alia, to consider and approve Standalone as well as Consolidated Unaudited Financial Results of the Company for the quarter 30th June 2022," Sonata Software informed in an exchange filing on Wednesday.
“Pursuant to Regulation 29(1) & 29(2) of SEBI (Listing Obligations & Disclosure Requirements), Regulations 2015, it is further intimated that the Board of Directors of the Company may consider proposal for issue of bonus equity shares in the aforesaid Board Meeting," it added. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Sonata Software Limited is a global technology company and is a service provider in business intelligence and analytics, application development management, mobility, cloud, social media, enterprise services, infrastructure management services among others.
In the quarter ended March 2022 or Q4FY22, the IT company’s consolidated net profit grew by over 3 per cent to ₹100.9 crore on the back of 21% sequential decline in revenue sequentially to ₹1,463 crore.
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Sonata Software shares have declined more than 6% in a year's period whereas the IT stock is down about 17% in 2022 (YTD) so far as compared to 5% fall in benchmark BSE Sensex.
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