Gail (India) hits 52-week high on 1:3 bonus issue; 85% interim dividend

The stock hit a new high of Rs 494, up 4% on the BSE in early morning trade.

Gail (India) hit a  fresh 52-week high of Rs 494, up 4% on the BSE in early morning trade after the company announced bonus issue of 1:3 (1 share for every three shares held) and 85% interim dividend.

“The board has recommended the issuance of one bonus share of Rs 10 for existing three equity shares of Rs 10/- each fully paid up, subject to the shareholders approval,” Gail (India) said in a statement.

The board has also approved payment of interim dividend for the FY 2016-17 @ 85% (Rs 8.5 per equity share) on the paid-up equity