HPCL hits new high as board approves 2:1 bonus issue
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Hindustan Petroleum Corporation Limited (HPCL) has rallied 10% to Rs 1,233, also its record high on the BSE in intra-day trade after the company announced that the board has recommended issue of bonus shares in the ratio of two for every one held.
“The board of directors of the company at its meeting held on July 20, 2016, have recommended capitalisation of reserves and issue of fully paid bonus shares in the ratio of 2 (two) bonus equity share of Rs 10 each for every 1 (one) existing equity share of Rs 10 each,” HPCL said in a regulatory filing.
The proposed issue of bonus shares is subject to approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company scheduled on September 08, 2016, it added.
At 10:11 AM, the stock was up 5% at Rs 1,175 on the BSE, as compared to 0.17% decline in the S&P BSE Sensex. A combined 2.39 million equity shares changed hands on the counter on the BSE and NSE so far.
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