Indian Hume spikes 17% as board considers bonus issue

NEW DELHI: Shares of Indian Hume Pipe shot up over 17 per cent in Tuesday’s trade after the company said it would consider a proposal on October 26 for issuing bonus shares .

In a filing to BSE, the company said the board of directors would consider a proposal for issue of bonus shares through capitalisation of free reserves at a meeting to be held on October 26, subject to the approval of shareholders.

“Further, the company has already intimated the closure of trading window vide its letter dated October4 as per the company’s code of internal procedures and conduct for regulating, monitoring and reporting of trading by insiders for dealing/trading in shares of the company by the directors, officers, designated employees, key managerial personnel and other connected persons,” the company said.

Following the development, the stock rose 15.85 per cent to hit a 52-week high of Rs 785 on BSE. This is three times the 52-week low of Rs 272 that the stock hit in February this year.