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Tuesday, Jun 08, 2004

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Tata Steel plans 1:2 bonus issue

Our Bureau

Mumbai , June 7

THE board of Tata Steel has recommended an issue of bonus shares in the ratio of 1:2 - one share for every two held.

This is subject to the approval of the shareholders at the annual general meeting of the company on July 22.

The share price of Tata Steel ended down at Rs 308.75 from the previous close of Rs 315.45 on the Bombay Stock Exchange. As the bonus ratio was in line with market expectation the share price moved down.

The share price moved in the range of Rs 296 to Rs 308 in the last one week. Today, it touched a high of Rs 322.70.

Tata Steel had last offered bonus shares in 1987-1988 in the ratio of 2:5. According to a senior company official, steel industry had faced tough times in the recent past. But in the last two years, the industry as well as Tata Steel had benefited from the upturn in steel prices. Improved profitability resulting in better cash flows prompted the company to offer a bonus share issue.

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