NMDC board nod for 1:2 bonus, 1:10 split

NMDC will issue bonus shares in the ratio of 1:2 (two bonus shares for every share held), and also split shares 1:10 i.e one equity share of Rs 10 each would be split into 10 shares of Re 1 each.

According to a release issued by the company to the BSE today, the board of directors, which met today, approved the above proposals.

The scrip today closed at Rs 12,539 after hitting its 5% upper circuit on the BSE. The stock has gained over 16% from Rs 10,797 on November 28.

The government holds 98.38% stake in the company. In November, NMDC's market capitalisation had crossed the Rs 2,00,000 crore-mark becoming one of the three most valuable listed PSUs.

Currently, NMDC's market capitalisation is around Rs 1,65,000 crore, and ranks as the sixth most valued firm in the country.

An enhancement of the paid-up capital to Rs 400 crore from Rs 150 crore was also approved at the board meet, the release added.