Shares of Godfrey Phillips India Ltd. rallied 11% to reach a day’s high of Rs 7,430.95 on 13th September, following the company’s announcement that its board will meet on 20th September to approve a bonus issue in the ratio of 2:1, meaning two bonus shares will be issued for each share held.

Last week, the company gained attention as Bina Modi was reappointed as Managing Director at the company’s 87th Annual General Meeting, receiving support from 86.64% of shareholders. This occurred amid an ongoing family dispute.

On 5th September, the Delhi High Court cleared the way for Bina Modi to vote on behalf of the KK Modi Family Trust, holding almost 48% of company shares. Her son Samir and grandson Ruchir challenged it, praying for a ban on her exercising the voting right of the trust in an AGM, but the court rejected their objections.

Samir was the former Executive Director who had been voted off the board by a shareholder vote. The decision to leave his board seat vacant was strongly supported, with more than 99.3% of the shareholders voting in favour.

The company’s market capitalisation stands at Rs 38,042 crore.

At 3:30 PM, the shares of Godfrey Phillips closed 10.59% higher at Rs 7,341 on NSE.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!