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MM Forging to issue bonus shares in 1:1 ratio

Company also announces increase in borrowing limits and authorized share capital.

July 12, 2018 8:53 IST | India Infoline News Service
Chennai-based forging company MM Forgings Limited (MMFL) announced the issue of 1:1 bonus shares as a part of its Annual General Meeting (AGM) announcements.

Additionally, the company also increased borrowing limits from Rs500cr to Rs1,500cr and increased authorized share capital from Rs15cr to Rs30cr.

As per media reports, MM Forging is planning to invest Rs650cr in capacity expansion over next two years.

M M Forgings ended at Rs1,385 down by Rs7.05 or 0.51% from its previous closing of Rs1,392.05 on the BSE.

The scrip opened at Rs1,430 and touched a high and low of Rs1,430 and Rs1,383 respectively. A total of 7,341 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,682.80cr.

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