Pricol To Issue Bonus Shares

Chennai, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
The Coimbatore-based Premier Instruments & Controls Ltd (Pricol) has decided to increase its authorised share capital from Rs 7 crore to Rs 10 crore through a bonus issue.

The board has also decided to split the face value of equity shares of the company from Rs 10 to Re 1.

The board of directors of the company has announced its plan to seek shareholders' nod to issue three bonus shares of Re 1 each to capitalise the same amount available in the share premium account.

The proposal is to issue one share for every two shares held by the shareholders.

According to a company notification, shareholders' approval for stock split, increase in authorised capital and bonus issue is to be sought at the annual general meeting of the company on June 25, 2004.

The Rs 300-crore Pricol is a manufacturer of electronic components of automobiles and an established supplier of components to leading automobile companies in the country.