Cement manufacturer Madras Cements tosay said it will issue bonus shares to the existing shareholders in the ratio of 1:1 and has decided to opt for stock-split.
The shareholders of the company took a decision to this effect at its annual general meeting held on August 11, the Tamil Nadu-based firm today said in a filing to the Bombay Stock Exchange.
The shareholders resolved to issue one fully paid bonus equity share for each share held by the existing members as on a date to be determined by the board of directors, it said.
The AGM also decided to subdivide the company’s Rs 10 each share into 10 shares of Re 1 each, it said.
The AGM also increased borrowing limit of the company to Rs 3,000 crore, it said.
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