IOC declares 1:2 bonus

By Our Corporate Bureau | 07 Jun 2003

New Delhi: Indian Oil Corporation (IOC) has declared a 1:2 bonus issue to its shareholders. The IOC board has recommended issue of one share for every two shares held by the shareholders.

P Sugavanam, director (finance), IOC, says the move is aimed at "improving the liquidity in the market besides rewarding the investor in a year when IOC will book handsome profits."

Currently, the Indian government holds an 82.03-per cent stake in IOC and Oil and Natural Gas Corporation 9.11 per cent, while the public holds 3.7 per cent. Post-bonus, the company''s equity capital will increase from Rs 778.67 crore to Rs 1,168 crore.