Mahindra & Mahindra up 3% as board mulls bonus issue

The stock was up 3% at Rs 1,373 on the BSE as the company said that its board will consider bonus issue on Friday, November 10, 2017.

Mahindra & Mahindra (M&M) was up 3% at Rs 1,373 on the BSE in an otherwise range-bound market as the company said that its board will consider bonus issue in their forthcoming meeting on Friday, November 10, 2017 after a gap of 12 years.

Earlier, in August 2005, M&M had issued bonus shares in the ratio of 1:1 i.e. 1 (one) bonus equity share for every 1(one) existing equity share held by the shareholders as on the "Record date".

M&M in a regulatory filing said this is in furtherance to our letter dated 12th October, 2017 informing about the board meeting to be held on 10th November, 2017 for inter-alia, considering and approving the unaudited financial results of the company for the second quarter and half-year ended 30th September, 2017.

At the said board meeting, the board will inter-alia, also consider a proposal for issuance of bonus ordinary (equity) shares of the company, subject to necessary approvals, it added.

At 10:45 AM; the stock was trading at Rs 1,371, up 3% on the BSE, as compared to a marginal 0.02% rise in the S&P BSE Sensex. A combined 540,816 shares changed hands on the counter on the BSE and NSE so far.