The Hindu Business Line : RITES issues bonus shares

New Delhi, Jan. 8 RITES Ltd, a public sector undertaking under the Ministry of Railways, has announced issue of bonus shares of Rs 36 crore to its existing shareholders (the Government), in the ratio of nine shares for one share held in the company.

The paid-up capital of the company with this bonus issue will stand increased to Rs 40 crore from Rs 4 crore, said a press release. The entire paid-up capital of the company is held by the Government of India, it added.

The company has also decided to split face value of its share from Rs 100 to Rs 10 each. The shareholders have also approved increasing the authorised capital of the company to Rs 100 crore. The company has accumulated reserves of Rs 521 crore as on September 30, 2007.

Incidentally, RITES has proposed raising funds through an initial public offering for which the Cabinet approval has not yet come through. RITES has an operational experience in over 60 countries and is a multi-disciplinary organisation of consultants, project managers and engineers in transport and infrastructure sector such as railways, highways, urban transport, ports and harbours, airports, inland waterways, ropeways, concession and export packages of rolling stock.

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