IMPAL announces bonus shares

India Motor Parts & Accessories, a TVS Group company engaged in the distribution of automobile parts and accessories, on Wednesday said its board that met on Tuesday had recommended bonus issue of equity shares in the ratio of one equity share of ₹10 each for every two equity shares of ₹10 each held by the shareholders. The board has fixed October 22 as the record date to determine the entitlement of members to receive bonus shares, according to a statement. Currently, promoters hold 30.71 per cent stake in the Chennai-based company; among the public, FPIs hold 9.06 per cent stake and about 7,000 small shareholders own 30.92 per cent stake.