Moneycontrol
Feb 17, 2017 02:25 PM IST | Source: Moneycontrol.com

NBCC falls 10% after stock adjusts for bonus issue

The company has fixed February 21 as a record date for ascertaining the eligibility of shareholders for issuance of one bonus share of Rs 2 each on every existing two fully paid-up equity shares, subject to the approval of shareholders through postal ballot, it said on January 13.

NBCC falls 10% after stock adjusts for bonus issue

Moneycontrol Bureau


State-run housing company NBCC fell more than 10 percent intraday Friday after the stock adjusted for bonus issue.


The board of directors of the company, on January 4, recommended the issue of bonus shares that would be from its free reserves created out of profit.


The company has fixed February 21 as a record date for ascertaining the eligibility of shareholders for issuance of one bonus share of Rs 2 each on every existing two fully paid-up equity shares, subject to the approval of shareholders through postal ballot, it said on January 13.


With this bonus issue, the share capital of the company will increase to Rs 180 crore (90 crore shares) from Rs 120 crore (60 crore shares).


NBCC is going to utilise Rs 60 crore for bonus issue, out of Rs 1,368.50 crore free reserves held in books as of March 31, 2016.


The company said bonus shares would be credited or dispatched to shareholders before March 3, 2017.

At 12:56 hours IST, the stock was quoting at Rs 174.95, down Rs 17.49, or 9.09 percent amid high volumes on the BSE.

Posted by Sunil Shankar Matkar

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