The board of directors of paints major Asian Paints has recommended a 1:2 bonus issue.
As part of the issue, existing shareholders will get one bonus share of the company for every two shares they currently hold in the company.
Asian Paints had a share capital of Rs 64.18 crore as on March 31, 2002. Following the bonus issue, its share capital will increase by 50 per cent.
On The Bombay Stock Exchange (BSE), the Asian Paints scrip today rose by 2.65 per cent to close at Rs 380.75, after touching an intra-day high of Rs 386.85. The scrip had closed at Rs 370.90 on Tuesday. A total of 95,974 shares were traded on the BSE today.
Meanwhile, the net profit of Asian Paints for the quarter ended March 31, 2003, dipped to Rs 29.55 crore from Rs 31.58 crore during the same quarter of the earlier fiscal. Its net sales during the quarter rose to Rs 358.73 crore from Rs 336.95 crore during the same quarter of 2001-02.
However, the company
