Emami shares surge 7% on bonus issue plan

The board of directors of the company will meet on May 3, to recommend a dividend for the financial year 2017-18 and / or to recommend issue of bonus shares to the equity shareholders.

Shares of Emami have surged 7% to Rs 1,204 on the BSE in early morning trade after the company engaged in manufacturing & marketing of personal care & healthcare products business announced a bonus issue plan.

“The meeting of Board of Directors of the Company will be held on May 03, 2018, to approve audited annual accounts of the Company for the year ended March 31, 2018, to consider and if thought fit, to recommend a dividend for the said year and / or to recommend issue of bonus shares to the equity shareholders,” Emami said in a regulatory filing.

Earlier, in June 26, 2013, Emami had rewarded its shareholders by issuing bonus shares in the ratio of 1:2 (i.e. one bonus equity share of Re 1 each for every two fully paid equity shares of Re 1 each held).

At 09:21 am; the stock was trading 6% higher at Rs 1,188 on the BSE, as compared to 0.17% rise in the S&P BSE Sensex. A combined 77,548 equity shares changed hands on the counter on the BSE and NSE so far.