The shareholders of i-flex Solutions Ltd, in their recently concluded annual general meeting, have approved the sub-division of the company's present equity shares of Rs 10 into two shares of Rs 5 each.
The company's present authorized share capital of Rs 50 crore divided into five crore equity shares of Rs. 10 each hence stands changed to 10 crore shares of Rs 5 each, a company statement said.The board of directors of the company shall declare a record date on which the sub-division of shares will be effective.
The directors of the company had recommended the sub-division of the shares to offer greater liquidity to the shareholders. The sub-division of the shares may also help get an appropriate valuation for the shares given i-flex's recently announced IPO.
The shareholders also approved a dividend for the financial year ended March 31, 2001 that was recommended by the directors at 25 per cent, which is a dividend of Rs 2.50 per equity share of Rs 10.
A new Esop scheme as per the Securities and Exchange Board of India guidelines for the employees of the Company also received a nod from the shareholders in the annual general meeting.
i-flex an SEI CMM Level 5 company, employs more than 1900 professionals, and has established 12 global support centers across the world to support its worldwide implementations. i-flex has entered into alliances with industry leaders including Accenture, Compaq, Hewlett Packard, IBM, Intel, Microsoft, Oracle, and Sun for marketing, implementing and supporting i-flex's solutions.
