Gail (India) gains 3% on bonus issue plan

The stock is up 3% at Rs 453 after the firm said board will meet on Jan 25 to consider bonus issue

Gail (India) has moved higher by 3% to Rs 453 on the BSE after the company announced a bonus issue and fund raising plans.

“A meeting of the board of directors of the company is scheduled on January 25, 2017, to consider issuance of bonus shares and fund raising by issuance of bonds on private placement basis,” Gail (India) said in statement.

Earlier, in October 2008, the state-owned company issued a bonus shares in the ratio of 1:2 i.e. one bonus share for every two shares held.

At 11:35 am; the stock was trading at Rs 451, close to its 52-week high of Rs 456 touched on January 16, 2017. A combined 2.42 million shares changed hands on the counter on the BSE and NSE.