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In a surprise move, KPIT Cummins Infosystems Ltd announced a 1:1 bonus issue on Tuesday.
The company said in a notification to the stock exchanges today that the board of directors at its meeting held on January 23 recommended a bonus issue in the ratio of 1:1. The bonus issue was discussed as an additional item.
The board also approved the setting up of a subsidiary in the Netherlands with an initial investment up to Euro 500,000 and investment in the form of loan/equity in KPIT Infosystems Inc., USA (its wholly owned subsidiary) up to $25 million in a phased manner.
On the NSE, its share price was up by Rs 10.75 at Rs 155.05, with a huge volume of 14.14 lakh shares being traded.
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