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The board of directors of C Mahendra Exports Ltd has approved the issue of bonus shares in the ratio of 1:1, subject to the approval of the shareholders of the company. Following this, the shares of C Mahendra surged 11 per cent at Rs 9.25 on the BSE in early trade.
The board has also approved a proposal to increase the authorised share capital of the company up to Rs 150 crore from the existing Rs 75 crore.
Currently, promoters hold 60.02 per cent stake in the company, while FIIs own 11.85 per cent and others 28.13 per cent. About 10,335 retail investors, including high networth individuals, control 15.21 per cent stake in the company.
Cresta Fund, Bridge India Fund and Afrin Dia hold a sizeable stake in the company.
Last week, Infosys had approved 1:1 bonus issue.
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