Financial Daily from THE HINDU group of publications
Saturday, Jun 18, 2005
Financial Daily from THE HINDU group of publications Saturday, Jun 18, 2005 |
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Corporate
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Bonus Announcements ITC board recommends share split, 1:2 bonus Our Bureau
Kolkata , June 17 THE ITC Ltd board, at its meeting on Friday, inter alia, recommended a share split and issue of bonus shares for the approval of shareholders at the company's 94th annual general meeting on July 29. The board also recommended an increase in the company's authorised share capital from Rs 300 crore to Rs 500 crore. The board has recommended sub-division of the ordinary shares with a face value of Rs 10 each to Re 1 each. It recommended issue of bonus shares in the ratio of one share of Re 1 for every two fully paid-up ordinary shares of Re 1 each. ITC's last bonus issue to shareholders (1:1) was in 1994. The company's first issue of bonus shares was in 1978, when one share of Rs 10 was given for every five shares of Rs 10 each. Subsequently, bonus issues were given in 1980 (1:5), 1989 (1:1) and 1991 (three shares for every five held). The share split is said to benefit all eligible employees of the company and its subsidiaries who have been granted stock options (under the ESOP scheme). The exercise period begins on the date of vesting of the options and expires at the end of five years from the date of grant of options.
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