BL Kashyap approves bonus issue, stock-split; scrip rallies 16%

MUMBAI: Construction firm BL Kashyap and Sons today said it has approved the issue of one new share for every one equity held by existing shareholders in the company.

The company's board has approved issue of bonus shares in the ratio of 1:1. Besides, the board also gave its approval to sub-divide the company's shares in the ratio of 1:5, that is each share of face value of Rs 5 each will be sub-divided into 5 equity shares of face value of Re 1 each.

Following the announcement, shares of the company rallied nearly 16 per cent to touch its highest level in a month of Rs 386.70 on BSE in afternoon trade.

The company today reported a 29.6 per cent rise in first quarter profit to Rs 10.27 crore compared to Rs 7.92 crore of the corresponding period a year earlier.

Total income of the firm stood at Rs 299.98 crore for the April-June period of the current fiscal against Rs 213.07 crore of the same quarter last financial year.