Venky's India gains over 24% in two days on bonus issue

NEW DELHI: Continuing its gains for the second straight session, shares of Venky's India rose over 6 per cent in morning trade on Tuesday.

The stock hit a high of Rs 538.50, up 6.25 per cent, on the BSE from its close of Rs 428.75 on Friday. The scrip has gained over 24 per cent in two sessions.

"The board of directors of the company have recommended a bonus issue of equity shares in the ratio of one equity share for every two equity shares held, as on the record date to be determined by the Board," the company said in a filing to BSE.

"The bonus issue of equity shares will be subject to approval by the shareholders, through postal ballot and the record date will be announced separately. The bonus issue will be made by way of capitalisation of such sum standing to the credit of capital redemption reserve, securities premium account and general reserves of the Company, as may be considered necessary by the Board," the statement added.