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Railway consultancy firm RITES said on Monday it will issue bonus shares to its shareholders.
In a statement, RITES said it will issue one bonus share for every four shares held by its existing shareholders.
“Bonus issue is part of the shareholder-friendly policies that our company has consistently pursued and this will also help us align the equity capital in line with the reserve and surplus of the company,” said Rajeev Mehrotra, chairman and managing director, RITES Ltd.
Also read: RITES registers ₹132 crore net profit in Q4, up 70%
The bonus issue was proposed after reserve and surplus of the company as on March 31 touched ₹ 2,184 crore. RITES had reported a 35.7 per cent rise in revenue to ₹ 2,240 crore and a 37.3 per cent rise in profit after tax to ₹ 490 crore in 2018-19 over 2017-18, with a strong order book of ₹ 6,097 as on March 31, the state-owned firm said in the statement.
“Five crore...new ordinary shares of ₹ 10 each will be issued. These new shares will carry the same rights and will rank pari passu. The paid-up share capital of the company will increase from ₹ 200 crore to ₹ 250 crore after the bonus issue,” the statement said.
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