HSIL okays bonus share issue at 2:3

Hyderabad, Oct 28 | Updated: Oct 29 2004, 05:33am hrs
Following an encouraging performance in both sanitaryware as well as glass divisions, Hindustan Sanitaryware & Industries Ltd (HSIL) has announced a bonus issue in the ratio of 2:3 for its shareholders.

The board of directors, which met here on Thursday, has approved and recommended to issue two fully paid-up bonus equity shares against three equity shares subject to shareholders approval. The company has called for an extra-ordinary general meeting (EGM) on December 6 to get the shareholders nod.

The company has also announced Rs 40-crore expansion plans of sanitaryware plants in Hyderabad as well as in Haryana. In addition, it is seriously considering an acquisition in both sanitaryware and glass divisions.

Addressing the media after the board meet, Sandip Somany, joint managing director, HSIL, said, We are happy to announce a bonus issue in the ratio of 2:3 for our shareholders and the company will seek the shareholders nod at the forthcoming EGM on December 6, 2004 in Kolkatta, the headquarters of the company. This is the fifth bonus issue after 1967, 1970, 1981, 1988, Mr Somany said.