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Mumbai, May 20

The board of directors of Shipping Corporation of India (SCI) has recommended a bonus issue of shares in the ratio of 1:2 i.e. one bonus share for every two shares held. Since the company has huge reserves, the management has decided to utilise part of it to benefit the shareholders, said a company official. SCI has reserves of Rs 4,817 crore as on March 31, 2007. The bonus share proposal will have to be approved by administrative ministry, Ministry of Shipping, Road Trans port & Highways. The shares of Shipping Corporation closed 2.91 per cent up at Rs 290.45 on Tuesday against Rs 282.25 on the previous day.

– Our Bureau

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