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Shares of Borosil Glass Works Ltd surged as much 20 per cent to hit the upper circuit limit of Rs 1,064.15, a record high.
The company had informed the BSE on Monday that the board of directors of the company at its meeting held on June 18, 2018, inter alia has approved the following:
Issue of bonus shares in the ratio of 3:1 (i.e. 3 equity shares to be issued for every one equity share held) subject to the approval of shareholders and other authorities.
It has also approved the amalgamation of Vyline Glass Works, Fennel Investment and Finance, and Gujarat Borosil with the company, which will then be renamed as Borosil Renewables. The board has also approved the demerger of its scientific and industrial products and consumer products business.
More than 169,000 shares traded, 17 times their 30-day moving average of 9,991.
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