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Shareholders of Bharat Heavy Electricals have approved the proposals to issue bonus shares and make a dividend payout.
The PSU major had proposed to issue one bonus share for every two existing shares held in the company.
In a disclosure to the BSE, the company said, it received 100 per cent votes in favour of the bonus resolution from its shareholders (promoters, public institutions and public non-institutions).
The shareholders have also approved near-unanimously (99.99 per cent) the proposal to give a final dividend of 39 per cent. With this, the total dividend for the year 2016-17 would be 79 per cent.
The annual general meeting was held on September 22.
Currently, the company has an equity base of 244.76 crore shares of ₹2 each, which will increase to 367.14 crore shares. Post bonus issue, the paid-up equity capital will increase to ₹734.30 crore from ₹489.50 crore.
As on March 31, the company had defined free reserves and surplus of about ₹31,800 crore, from which it will use about ₹245 crore for the bonus issue.
Earlier, the company had fixed the ex-date for bonus issue as September 28 and the record date as September 30. Shares are likely to be credited into shareholder accounts by October 9.
On Monday, BHEL shares closed at ₹127.35, down 1.85 per cent, on the BSE.
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