FMCG major Colgate-Palmolive India issues bonus shares

NEW DELHI: FMCG major Colgate-Palmolive India today said its shareholders have approved issuance of bonus shares in the ratio of 1:1.

"On September 11, 2015, the shareholders, through the postal ballot approved the resolution of issue of bonus shares in the ratio of 1:1 to the eligible shareholders of the company," Colgate-Palmolive India informed BSE.

With this, every shareholder of the company will get an extra share for the each one it holds.

Colgate-Palmolive's board on July 30 had approved the issue bonus shares.

After issuance of bonus share, paid-up capital of the company would be doubled to Rs 27.18 crore from Rs 13.59 crore, the company added.

In a separate filing Colgate-Palmolive said Vinod Nambiar has been appointed as the Member and the Chairman of the Board of Directors with immediate effect.

"Nambiar has been nominated by the promoter company as a non-retiring director. He will act as a non-executive and non- independent director of the company," it said.

Shares of the company settled at Rs 948.65 at BSE, down 0.36 per cent from previous close.