Steelcast rises on bonus issue plans

Steelcast Limited has surged 11% to Rs 233 after the company said that the board of directors of the company will meet on June 5, to consider issue of bonus shares to equity shareholders.

“The board will also consider sub division of face value of equity shares from exiting Rs 10 paid-up and listing of securities on National Stock Exchange of India Ltd (NSE),” the industrial products maker said in a filing.

The board will consider and approve audited financial results and recommendation of final dividend on equity shares for the financial year 2011-12, it added.

The board had scheduled to meet on May 29, but could not be held the meeting due to lack of quorum arising from absence of 4 Independent Directors.

The stock opened at Rs 213 and hit a high of Rs 236 on the Bombay Stock Exchange. As many as 22,210 shares have already changed hands on the counter till early noon trades, against an average sub 5,000 shares that were traded daily in past two weeks.