IRCON International announced that its Board of Directors, at its meeting on Monday, had approved and recommended the issuance of Fully Paid Free Shares at a ratio of 1: 1 (i.e. 1 (one) fully paid participating share for 1 (one)) fully paid-up share of equity held.
The registration date will be announced in due course, the company said in an exchange dossier.
The company has stated that the free participating shares will be issued from the company’s reserves available as of March 31, 2020.
Public sector company Mini-Ratna Ircon International had reported a 35% jump in after-tax profit to ₹103 crore in the December quarter. As of December 31, 2020, the company’s total order book stood at ₹32,814 crore – Rs30,709 crore for railway projects and ₹2,105 crore for road projects.