Financial Daily from THE HINDU group of publications
Thursday, Jun 08, 2006
Financial Daily from THE HINDU group of publications Thursday, Jun 08, 2006 |
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Engineering Corporate - Bonus Announcements L&T approves 1:1 bonus issue Our Bureau
Mumbai , June 7 The board of directors of L&T has recommended a bonus issue of shares of the company, the first in 20 years, according to a statement. Shareholders will be issued one free share for every share held. The last issue of bonus shares in the ratio of 3:5 was declared in 1986, the statement said. The current one, being issued by capitalising a part of the reserves, will increase L&T's capital base to a level that will better reflect its current scale of operations, it said. "The issue will add depth and eventually create a larger market float in terms of the number of L&T shares and will thus increase the liquidity and turnover of L&T shares in the stock market."
Allotment
Shares that may be allotted on exercise of options granted under the employee stock option scheme as also on conversion of outstanding foreign currency convertible bonds before the record date will be entitled to receive the bonus shares, said the company in a notice to the stock exchanges. Suitable adjustments will be made to the outstanding employee stock options and FCCBs, it added. The L&T scrip lost Rs 140.35, or nearly seven per cent over the day, to close at Rs 1,988.30 on the BSE on Wednesday.
More Stories on : Engineering | Bonus Announcements | Larsen & Toubro Ltd
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