ITC recommends stock split, bonus issue

ITC board has said that it will split its equity shares in 1:10 ratio (one ordinary share of the face value of rs 10 into ten shares of Re 1 each)  and issue bonus shares, subject to shareholders approval.

According to a ITC release issued to the BSE, the board will issue bonus shares in the ratio 1:2 (i.e. one bonus share of Re 1 each for every 2 fully paid-up ordinary shares of Re 1 each).

The board has also approved increase in the authorised share capital of the company from Rs 300 crore (divided into 30 crore ordinary shares of Rs 10 each) to Rs 500 crore (divided into 500 crore ordinary shares of Re 1 each), the release added.