Bharat Seats Board recommends 30% final dividend, 1:1 bonus issue & stock split

The Board of Directors of Bharat Seats Ltd at its meeting held on April 13, 2007, inter alia, has recommended the following:

1. Dividend @ 30% i.e. Rs 3/- per share for the year 2006-07.

2. Issue of Bonus shares to the Equity shareholders of the Company, subject to the approval of shareholders, through capitalisation of Reserves in proportion of one Equity share for every one equity share held by them on the record date to be fixed for the purpose.

3. Sub-division of Equity shares, subject to the approval of shareholders, from present nominal value of Rs 10/- per share to nominal value of Rs 2/- per share on the record date to be fixed for the purpose.

4. Consequent amendment in Memorandum & Articles of Association as a result of sub division of shares. Subject to the approval of shareholders, the present existing Authorised Share Capital of the Company of Rs 7,00,00,000 divided into 70,00,000 Equity Shares of Rs 10/- each be subdivided into 3,50,00,000 Equity shares of Rs 2/- each.

The stock was trading up by Rs.6.80 or 4.97% at Rs.143.60. The stock hit an intraday high of Rs.143.60 and low of Rs.136.80. The total traded quantity was 27917 compared to 2 week average of 22701. The stock was struck at the upper level of circuit limit with pending buy orders for 11887 shares.

Source : Equity Bulls

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