Modern Dairies approves bonus issue

MUMBAI: Haryana-based Modern Dairies Ltd, manufacturer of milk and milk products, on Monday decided to issue bonus shares to the shareholders in the ratio of 1:1.

The board of directors made a recommendation to this effect at its meeting, the company, a part of the Modern Business Group, informed the Bombay Stock Exchange in a communique.

The board has recommended issue of one bonus share for every one equity share held by the shareholders. The recommendation is subject to confirmation by the shareholders at the forthcoming annual general meeting of the company, it said.