REC climbs 4% as board set to consider bonus issue on Thursday
The company said its board “would consider a proposal in respect of issue of bonus shares to company shareholders in a ratio as it may deem fit by way of capitalisation of its reserves.”
By ET Online | Updated:
NEW DELHI: Shares of Rural Electrification Corp ( REC) climbed over 4 per cent in Tuesday’s trade after the company said it would consider issue of bonus shares at a board meeting on Thursday. The company is scheduled to report its June quarter earnings later in the day. The company made the announcement post market hours on Monday.
Following the development, the stock surged 4.52 per cent to hit a high of Rs 233.40 on BSE.
In a filing to BSE, the company said its board “would consider a proposal in respect of issue of bonus shares to company shareholders in a ratio as it may deem fit by way of capitalisation of its reserves.”
REC is a state-run company with 60.64 per cent government holding as of June 30. Incorporated in 1969, it is a largecap non-banking financial company, which lends to power sector players.
Following the development, the stock surged 4.52 per cent to hit a high of Rs 233.40 on BSE.
In a filing to BSE, the company said its board “would consider a proposal in respect of issue of bonus shares to company shareholders in a ratio as it may deem fit by way of capitalisation of its reserves.”
REC is a state-run company with 60.64 per cent government holding as of June 30. Incorporated in 1969, it is a largecap non-banking financial company, which lends to power sector players.
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