The board of directors of Balmer Lawrie and Company approved bonus issue in the ratio of 3:4, which means three new shares for every four shares held in the company.
The stock, after hitting a day’s high of Rs 621.65, closed at Rs 609, a gain of 1.67 per cent over the previous day’s close.
The company would issue 1.22 crore new equity bonus shares and would take “necessary” action for consolidating fractional bonus entitlements and for distribution of proceeds of the fractional shares to the shareholders in due course.
The record date for the issue would be announced after the completion of the postal ballot process and in consultation with the stock exchanges, the company said in a statement.
badrinarayanan.ks@thehindu.co.in