Shareholders of Sundaram Finance have cleared the proposal to increase the company’s authorised capital to Rs 250 crore from the current Rs 100 crore, by creation of further 15 crore equity shares of Rs 10 each. They have also cleared the proposed 1:1 bonus issue. A sum of Rs 55.55 crore from general reserves of the company will be capitalised. A regulatory filing from the company says, the new shares thus issued shall rank for any dividend in full that may be declared subsequent to the date of allotment for every financial year beginning April 1, 2012.
Sundaram Fin gets nod for 1:1 bonus issue