Is Godfrey Phillips, a K K Modi and Philip Morris controlled company, planning to issue bonus shares to reward investors? Going by the Street talk, the issue could come up in the next few months and at a ratio of 4 shares for one held. Market is also speculating that after the bonus issue, the stock could also be split.
According to market sources, quiet accumulation is on in the counter by knowledgeable circles even through supply of the stock is highly restricted. In the six months to September 30, 2006, FIIs have increased their holding to 9.32 per cent from 8.18 per cent.
Philip Morris held 35.89 per cent as on September 30, 2006, down from 35.93 per cent on March 31, 2006. Modi group held around 36.2 per cent in the company as per the last announcement to the bourses.