Gabriel India hits 52-week high on 1:1 bonus issue

Gabriel India has rallied 19% to Rs 53.90 in opening trades after its board declared a bonus issue in the ratio of 1:1.

“The board directors have approved issue of bonus shares in the ratio of one equity share of Re 1 each for every one equity share, subject to the approval of shareholders at the Extra Ordinary General Meeting to be held on July 02 in Pune,” Gabriel India said in a filing.

The board has also declared second interim dividend of 60% i.e. Rs 0.60 per equity share, it added.

As many as a combined 296,537 shares have already changed hands on the counter in morning trades, against an average less than 100,000 shares that were traded daily in past two weeks on both the exchanges.