Tepid bonus ratio disappoints Guj NRE shareholders
BS Reporter / Mumbai Sep 22, 2009, 16:30 IST
The stock finally ended near the day's low at Rs 66.40 - down 3.8%. Around 2.23 million shares changed hands at the counter today.
_______________________________________________ (Updated at 1149 hrs)
Gujarat NRE Coke has slipped today after recommending bonus shares in the ratio of 10:1.
The stock opened at Rs 70 and started slipping from there. The stock is now down 3.5% at Rs 66.70. Over 1.20 million shares have been traded on the BSE so far.
The stock however had soared after the company announced its plans to issue bonus shares on September 7, 2009. The stock gained 26% from Rs 54.65 to Rs 69.05 last week.
The company has recommended issue of one bonus share with differential voting rights (DVR) for every 10 equity shares held. Earlier in November 2008, the company had given two bonus shares for every five equity shares held and this is the sixth bonus issue in seven seven years.
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