Torrent Pharma board nod for 1:2 split, 1:1 bonus

The board of directors of Torrent Pharmaceuticals, which met today, approved a proposal to split the face value of equity shares of the company from Rs 10 to Rs 5.

According to a release issued by Torrent to the BSE today, the board also approved a proposal to issue bonus shares in the ratio of 1:1 i.e one bonue share for every share held on a post-split basis.

"As a result of the decisions, equity shareholders will get four equity shares of Rs 5 each for every share of Rs 10 held," the release added.

The company has convened an EGM on January 25, 2006 to obtain shareholder approval for the proposals, the release added.