Indian Metals & Ferro Alloys board nods bonus issue in 1:1 ratio; Stock climbs 2%

Notably, the company has fixed January 10, 2022, as the record date for the purpose of ascertaining the eligibility of shareholders entitled for issuance of above Bonus Equity Shares.

Nov 26, 2021 11:11 IST India Infoline News Service

Indian Metals & Ferro Alloys (IMFA) on Friday witnessed buying sentiment on stock exchanges after the company's board of directors approved bonus issue in the ratio of 1:1.

The company's board approved issue of bonus equity shares in the ratio of 1 new equity bonus share of Rs10 each for every one existing equity shares having a face value of Rs10 each.

The bonus issue is subject to the approval of shareholders of the Company through Postal Ballot and other applicable statutory and regulatory approvals; as may be required.

Notably, the company has fixed January 10, 2022, as the record date for the purpose of ascertaining the eligibility of shareholders entitled for issuance of above Bonus Equity Shares.

At around 11.53 am, IMFA was trading at Rs800 per piece up Rs12.75 or 1.6% on Sensex.

The stock was near the day's high of Rs814.10 per piece on Sensex.

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