New Document top_band
 
Business Standard

OMDC zooms 63% in six days on stock-split, bonus issue buzz

The Ministry of Steel approved the stock split from face value of Rs 10 each to Re 1 each

Read more on:    Omdc | Mining | Lic
Related News

Orissa Mineral Development Company () has rallied over 7% at Rs 49,500, extending its past five days surge after the state-owned company made a multiple corporate announcements including stock split and bonus issue plans.

The stock has zoomed 63% from Rs 30,314 in past six trading sessions, compared to less than 2% rise in benchmark Sensex on the Bombay Stock Exchange.

In a regulatory filing, the company said that Ministry of Steel vide its letter dated July 26, 2012 informed that the proposal had been approved by the Ministry of Steel and forwarded to the company for initiating necessary action related to the issue of splitting of shares of OMDC in 1:10 ratio.

Earlier, vide its letter dated July 23, 2012 the ministry informed the company that it may look into the issue of bonus shares as per legal requirements.

“The above mentioned items may be placed at the ensuing board meeting of OMDC for consideration,” the company said.

Meanwhile, the company also announced that it has obtained environment clearance from the Union Ministry of Environment and Forests (MOEF) on July 24 for its Kolha-Roida iron ore and manganese mines in Odisha.

The government hold 50% stake in company, while the remaining 50% stake are with the public shareholders, of Life Insurance Corporation of India Ltd hold 15.42% stake as on June 30, 2012.

 

Read more on:   
|
|

Read More

Sebi imposes fine on three persons for lack of disclosure

Pursuant to this purchase, their total holding rose to 11.2% in the company, crossing a threshold limit of 10% to attract the provisions of Sebi's ...

Quick Links

 

Market News

Those who took the plunge when others were fearful

Between June 2013 and June 2014, the promoter holding of both firms has remained constant, at 45.63% for FTIL and 26% for MCX

Only in India, tech on top of m-cap charts

India is the only country in the Brics pack to have a technology firm as the largest public company. China and Russia have energy companies at ...

Tech provider be neutral of commex ownership: FMC

Regulator mulling no entity with significant shareholding be allowed to be tech provider

Slowdown likely for diamond processors

Global rough diamond miner De Beers forecasts a slowdown in sales, Indian companies toface the heat

Indian setback helping global iron ore miners

India, very rich in iron ore, is becoming a major importer of the steel-making ingredient

Back to Top