Pincon approves 1:1 bonus share issue

Kolkata-based Pincon Spirit today said its board has approved issue of one equity share for each share held by existing shareholders of the company.
The board of the company has "recommended issue of Bonus Shares at the ratio of 1:1 to the existing equity shareholders of the company", Pincon Spirit said in a BSE filing.
It also added that the proposal would be "placed for approval of the equity shareholders at the forthcoming AGM of the company" on November 20.
"The Bonus Issue is proposed due to the company's healthy accumulated free reserves and also for crossing Rs 600.00 crore sales milestone in 2014-15," Pincon said in a statement.

Pincon Spirit has presence in eastern India and also has brand existence in Uttarakhand and Karnataka.
Shares of the company today closed at Rs 187.50 on BSE, down 4.97 per cent from its previous close.