State-owned oil company BPCL today said it will seek shareholders' approval to issue bonus shares.
"The Board of Directors at its meeting held on May 29, 2017 has recommended for the approval of the shareholders, through postal ballot and e-voting, issue of fully paid bonus shares in the ratio of 1:2," Bharat Petroleum Corporation said in a BSE filing.
This would mean one new bonus equity share of Rs 10 each will be issued for every existing two equity shares.
The bonus shares, after the approval of the shareholders, would result in capitalisation of a sum of Rs 723.08 crore, the filing said.
Accordingly, the paid up equity capital of the company would stand revised to Rs 2,169.25 crore from the present level of Rs 1,446.17 crore, it added.
"The bonus shares shall rank 'pari passu' (on an equal footing) in all respects with the existing share except that these bonus shares shall not be eligible for final dividend for the year ended March 31, 2017," BPCL said.
The Board of Directors has fixed July 15 as record date for the purpose of determining members who would be entitled to the bonus shares.
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