BHEL Shareholders Approve Bonus Share, 79% Dividend
BHEL to issue 1 new equity bonus share for every 2 existing shares.
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State-owned power equipment maker Bharat Heavy Electricals Limited has received shareholders’ approval to a proposal to issue one new equity bonus share for every two existing shares.
The proposal was cleared in the annual general meeting held on September 22, 2017, BHEL said in a filing to the Bombay Stock Exchange on Monday.
The shareholder have also approved the proposal to give a final dividend of 39 percent. With this, the total dividend for the year 2016-17 will stand at 79 percent.
The company has 244.76 crore shares of Rs 2 apiece. After the bonus issue, the number of shares will increase to 367.14 crore of Rs 2 each.
The company will require Rs 244.76 crore free reserves for implementing the bonus issue. As on March 31, 2017, it had defined free reserves and surplus of Rs 31,769.74 crore.
Earlier, the company had said that the bonus share are estimated to be credited to shareholders’ accounts by October 9.
The company's shares closed at Rs 127.35 apiece, down 1.85 percent at BSE.
