Orissa Mineral Development Company (OMDC) has frozen at its upper circuit of 5% at Rs 57,516, extending its past eight days rally on reports of stock split and bonus issue plans.
The stock of state-owned mining company has rallied 90% in last nine trading sessions from Rs 30,314 on July 24, on the Bombay Stock Exchange. A combined 566 shares have already changed hands on the counter and there are pending buy orders for 1,848 shares on both the exchanges.
The board of directors of the company is scheduled to meet on August 11, 2012 to consider the issue of bonus share and issue of splitting of shares of OMDC in 1:10 ratio (from face value of Rs 10 each to Re 1 each). Earlier, the board has decided to meet on August 9, to discuss the said issue.
Meanwhile, the board will also consider the merger of The Bisra Stone Lime Company Limited (BSLC) with OMDC and to consider the un-audited financial results of the company for the quarter ended June 30, 2012, OMDC said in a filing.
