FMCG major ITC today declared the issue of one bonus share for every existing one share held by investors.
The board of directors has approved the issue of bonus shares in the ratio of 1:1, that is one bonus share of Re 1 for every existing one share held by the existing investors, ITC said in a filing to the Bombay Stock Exchange.
The board, which met today, also approved increasing the authorised share capital of the company from Rs 500 crore to Rs 1,000 crore, it said.
The board decisions are subject to approval of the members at the 99th Annual General Meeting of the company convened for July 23, ITC added.
Shares of ITC jumped nearly 2 per cent to touch a high of Rs 299.70 on BSE in early trade.