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The Board of Directors has approved key actions, including an amendment to the Memorandum and Articles of Association to facilitate a proposed bonus issue of shares in a 1.5:1 ratio, subject to shareholder approval via postal ballot. Additionally, the authorized share capital will be increased, necessitating corresponding amendments to the company’s governing documents. A draft postal ballot notice for these approvals has also been sanctioned, and Mr. S. Ramalingam has been appointed as the scrutinizer for the voting process.
This strategic move aims to enhance shareholder value through a bonus issue, which may foster positive investor sentiment by signaling confidence in the company's financial health. However, investors should monitor the outcome of the postal ballot for final approvals.