Torrent Pharma climbs over 7% as board recommends bonus issue of 1:1

26 May 2022 , 11:09 AM

Torrent Pharmaceuticals Limited’s counter was trading nearly 7% higher in today’s trade as the company announced a bonus issue in the ratio of 1:1.

In the same meeting, the company has recommended a dividend of Rs23 per equity share of Rs5 each.

The company stated that the board has recommended an issue of bonus shares in the ratio of 1:1 i.e., one equity share for each fully paid-up equity share held as on record date fixed for the purpose. Post this bonus issue, the total paid-up share capital of the company will be Rs169.22 crore from the existing Rs84.62 crore.

However, the issue is subject to the approval of shareholders through a postal ballot. The bonus shares once allotted shall rank pari-passu in all respects and cany the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the issue and allotment of such Bonus Share.

Torrent Pharma is currently trading at Rs2,831.25 up by Rs196.7 or 7.47% from its previous closing of Rs2,634.55 on the BSE. The scrip opened at Rs2,750 and has touched intraday high and low of Rs2,869.60 and Rs2,750 respectively.