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Our Bureau

Chennai , Aug. 23

Sundram Fasteners' announcement of issue of bonus shares in the ratio of 1:1 came as a pleasant surprise to the shareholders who attended the company's annual general meeting on Wednesday, because the company had not informed the stock exchanges earlier that a bonus was on the agenda of Wednesday's board meeting.

The bonus issue, which shareholders had been clamouring for years, capitalises Rs 10.50 crore from the last balance-sheet date reserves of Rs 323.87 crore.

Announcing the bonus to the shareholders, the Chairman and Managing Director of Sundram Fasteners, Mr Suresh Krishna, also noted that the company had expansion plans, while interest rates were hardening and customers were not willing to give price increases.

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