The Board of Samvardhan Motherson International Limited (formerly Motherson Sumi Systems Limited) met on Tuesday to consider the offer of Bonus Equity Shares of the Company and hence recommended the issue in the ratio of 1:2. Shares of Samvardhan Motherson rose nearly 3% on the BSE in afternoon deals.
“The Board of Directors of the Company in its meeting held today, i.e., August 16, 2022, has recommended, subject to approval, issue of bonus shares in the ratio of 1 (one) bonus equity share against 2 (two) existing equity shares of shareholders,” the company informed in an exchange filing.
The company said the bonus shares would be issued from the securities premium account. Bonus shares are fully paid-up additional shares issued by a company to its existing shareholders.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.