PTI reported that Navaratna PSU National Aluminum Company Limited is going for capital restructuring by splitting the equity share of INR 10 into 2 o equity shares of INR 5 each.
The company approved 1:1 bonus that is one bonus share for each share held. The decision was endorsed in an Extraordinary General Meeting of shareholders held.
Mr BL Bagra director finance & CMD in charge of NALCO said that "By enhancing the number of shares and reducing the price for each share the float and liquidity of the share shall be enhanced in stock exchanges. This is also expected to increase the total market capitalization and enhance value to the shareholders.
Company sources said that NALCO's paid up capital of INR 644.31 crore now stands enhanced to INR 1,288.62 crore without any cash consideration. The company has also decided to amend the Article of Association to make a provision for issue of Employees Stock Options that is shares to its employees.
(Sourced from Press Trust of India)
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