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New Delhi, Sept. 6 The shareholders of Maruti Udyog Ltd asked the company management to issue a 1:1 bonus at the annual general meeting held on Thursday.

However, the management told its shareholders that considering the company’s capex plan of up to Rs 9,000 crore by 2010, it would not be feasible to grant bonus, and it would utilise the funds for capacity expansion.

As per the agenda of the meeting, the shareholders of Maruti approved the change in its name to Maruti Suzuki India Ltd with effect from the date that the Registrar of the Companies gives its approval.

Maruti had earlier stated that it was considering such a move to make its brand global and leverage it to expand its presence in overseas markets.

Further, the shareholders also approved the transfer of shares from the residual Government stake of 10.27 per cent to LIC, which now gives the latter a stake of 12.60 per cent in the company, up from the current 8.1 per cent.

The Maruti scrip closed at Rs 881.80 after opening at Rs 865 on Thursday on the BSE.

More Stories on : Announcements | Cars | Maruti Udyog Ltd | Bonus Announcements

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