Bihar Tubes EGM approves 1:1 bonus issue

Bihar Tubes Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 12, 2007, inter alia, have authorised the Board of Directors of the Company ("Board"), for capitalization of sum of Rs 31980000 out of the Reserve and Surplus of the Company and be distributed amongst the members who, on a date to be hereafter fixed by the Board ("Record Date"), shall be the holders of the existing Equity Shares of the Company on the said date and that such New Equity Shares out of the Company's unissued Equity Shares, credited as fully paid, be accordingly allotted as Bonus Shares to such persons respectively as aforesaid in the proportion of 1 new Equity Share for every 1 existing Equity Share held by such persons respectively on the Record Date, upon the footing that they become entitled thereto for all purposes as capital, subject to necessary provisions & approvals.

Further, the New Equity Shares of Rs 10/- each to be allotted as Bonus Shares shall be subject to the Memorandum and Articles of Association of the Company and shall rank pari passu in all respects with and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividends declared after the Bonus Shares are allotted.

The stock was trading at Rs.154.65, up by Rs.0.25 or 0.16%. The stock hit an intraday high of Rs.157.95 and low of Rs.153.50. The total traded quantity was 30359 compared to 2 week average of 261462.

Source : Equity Bulls

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