IndianOil 's 1:1 bonus issue gets approval
New Delhi   21-Oct-2009
After a gap of six years, flagship refiner-marketer IndianOil on Tuesday said it would reward its shareholders by giving one free share for every scrip held. The state-run company told the Bombay Stock Exchange that its stakeholders had approved the 1:1 bonus issue by way of postal ballot. This is IndianOil's third bonus issue. The company had earlier issued 1:2 bonus shares in 2003 and 1:1 in 1999. The IndianOil board had last month approved the bonus issue of one equity share of Rs 10 each, for every share of Rs 10 each held. The company has fixed October 30 as the record date for the purpose of ascertaining the eligibility of shareholders for issuing bonus shares: last fortnight, RIL surprised its shareholders with the announcement that its board has approved a similar 1:1 bonus issue after a gap of 12 years.