KNR Constructions touches 52-week high on bonus share approval

knr-constructions

KNR Constructions touched a 52-week high of Rs 347, rising 9 percent intraday on December 18 after the company board approved the bonus shares.

The company board of directors recommended issue of bonus shares to the members of the company in the ratio of 1 bonus share of Rs 2 each for every 1 share held as on record date.

“The board of directors of the company at its meeting held today, subject to the approval of members of the company through postal ballot, recommended issue of bonus shares to the members of the company by capitalisation of its securities premium reserves”, as per company press release.

The bonus is in the ratio of 1 bonus equity share of Rs 2 each fully paid-up for every 1 existing equity share of Rs 2 each fully paid-up ( i.e. 1:1) held by the members as on ‘record date’ to be fixed hereafter for this purpose.

The company will also seek the approval of members of the company through postal ballot for an increase of authorised share capital of the company, it added.

At 15:18 hrs, KNR Constructions was quoting at Rs 325.50, up Rs 7.30, or 2.29 percent on the BSE.

News Source:- Moneycontrol

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