Tisco Bonus Share Issue At 1:2 Ratio

Font Size

Print

Feedback

Email

Discuss

The board of Tata Iron & Steel Company Ltd (Tisco) has decided to issue bonus shares in the ratio of 1:2, i.e. one bonus share for every two existing ordinary shares held by members of the company, on a record date to be fixed later for this purpose.

In an announcement to The Stock Exchange, Mumbai (BSE), Tisco said that the board approval for the bonus share issue was passed at its meeting held on Monday and was subject to the approval of shareholders to be obtained at the annual general meeting which would be held on July 22, 2004.

However, stock of Tisco closed at Rs 308.75 on Monday, down Rs 6.7 from its previous close of Rs 315.45 on June 4, 2004. The stock opened today at Rs 315.45 and touched a high of about Rs 322.70. The existing paid-up capital of the company is Rs 367.97 crore, which will increase by 50 per cent after the issue of bonus shares.