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The Board of Hindustan Petroleum Corporation Ltd has recommended increase in the company’s share capital to rs 2,500 crore and issue of fully-paid bonus shares in the ratio of two for every one held.
HPCL has said in a regulatory filing that “The board of directors of the company at its meeting held on July 20, 2016, have recommended capitalisation of reserves and issue of fully paid bonus shares in the ratio of 2 (two) bonus equity shares of Rs 10 each every 1 (one) existing equity share of Rs 10 each.”
It has added that the proposed issue of bonus shares is subject to approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company scheduled on September 08, 2016.
