Bharat Electronics gains on 2:1 bonus issue
Source: IRIS | 27 Jul, 2015, 10.24AM
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Rating: NAN / 5 stars. |
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Bharat Electronics, a state-owned electronics company witnessed a rise in share price on Monday after its board of directors approved the proposal for issue of bonus shares to the existing shareholders. The board has decided to issue shares in the ratio of 2:1. The board has also approved the proposal for increase in the authorized share capital of the company from Rs. 1 billion to Rs. 2.50 billion and consequential amendments to Memorandum of Association and Articles of Association.
The aforesaid proposals are subject to the approval by members of the company at the ensuing annual general meeting through e-voting and ballot. Shares of the company gained Rs 96.1, or 2.62%, to trade at Rs 3,769.80. The total volume of shares traded was 40,946 at the BSE (10.18 a.m., Monday).
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