STOCK MARKET BSE NSE

Hindustan Petroleum seeks shareholders' nod to issue bonus shares

State-run Hindustan Petroleum has sought shareholders' nod for issuing one bonus share for every two held, capitalising reserves of about Rs 508 crore.

Published: 01st June 2017 04:15 PM  |   Last Updated: 01st June 2017 04:15 PM   |  A+A-

Hindustan Petroleum Corp Ltd

A worker walks inside the complex of Guru Gobind Singh oil refinery near Bhatinda in Punjab April 27, 2012. (Reuters)

By PTI

NEW DELHI: State-run Hindustan Petroleum has sought shareholders' nod for issuing one bonus share for every two held, capitalising reserves of about Rs 508 crore.     

The company has proposed an ordinary resolution through postal ballot for capitalisation of Rs 507.94 crore standing to the credit of Security Premium/Free Reserves and issue bonus shares of Rs 10 each, Hindustan Petroleum stated in a BSE filing today.     

A full paid bonus share of Rs 10 each would be issued for every two existing equity shares of Rs 10 each held by members, it said.     

These bonus shares would not be eligible for final equity dividend for the financial year ended on March 31, 2017 and will be treated as increase in share capital of the company held by each member.     

The voting period for the resolution would be from June 2 to July 1, 2017.     

Considering the large free reserves of the Corporation, the board in its meeting held on May 26, 2017, had recommended the capitalisation of reserves of Rs 507.94 crore and issue of bonus shares to eligible shareholders.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp