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Shares of Orissa Minerals Development Company Ltd (OMDC) tanked 5 per cent following reports of postponement of the board meeting to consider bonus issue.
The company did not indicate any fresh date. OMDC said that the meeting scheduled to be held today is postponed due to some “unavoidable circumstances’’.
The company’s board at its meeting on August 11 approved the sub-division/split of equity shares of Rs 10 each into shares of Re 1 each.
The board also cleared the engagement of merchant banker to study “various aspects relating to the capital restructuring of the company by issue of bonus shares’’. It was not clear whether this exercise has been completed.
Shares of OMDC tanked Rs 2,810.75 or 5 per cent to Rs 53,404.30 on the BSE in the morning trade.
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