The board at its meeting held on Tuesday, June 10, approved issue of Bonus Shares to the Shareholders of the Company in the proportion of 5:2, i.e. 5 (Five) Bonus Equity Shares of Rs. 10/- each for every 2 (Two) existing fully paid Equity Share of Rs. 10/- each held by such members, the company said in a release to the Bombay Stock Exchange.
The board has also considered and approved increase in authorised Share Capital of the Company and consequential alternations of Memorandum and Articles of Association of the Company, the release said.
The stock opened at RS 405.80 on the BSE and touched low of Rs 405 so far. Nearly 3,000 shares were traded on both the stock exchanges so far.