 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.
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