Ruchi Infra cranks up on bonus issue move

DALAL STREET SPIKES

Ruchi Infrastructure spurted 5 per cent to Rs 251.35 after the company recommended a liberal stock split and a liberal bonus issue as well.

The company on Tuesday announced that its board has approved a sub-division of each equity share of Rs 10 into 10 equity shares of Re l each. The board also approved issue of bonus shares in the ratio of 1:3 after sub-division of equity shares, if approved by the members.

In other words, a shareholder holding 1 equity share as on record date will get 3 fully paid equity shares as bonus shares. Ruchi Infrastructure is in the business of edible oils, and hydrogenated fats.

It also provides infrastructure facility for import of edible oil. The markets seem to have got a hint ahead of the announcement. From a low of Rs 178.50 on February 18, the scrip has jumped more than 28 per cent in a short while to Tuesday's close of Rs 251.35.