Nalco fixes March 16 as record date for stock split

State-owned National Aluminium Company (Nalco) today said it has fixed March 16 as the record date for its stock split and issue of 1:1 bonus share.

"March 16, 2011 has been fixed as record date for sub-division /split of face value of each equity share of Rs 10 fully paid-up into two equity shares of Rs 5 each," Nalco said in a communique to the Bombay Stock Exchange (BSE).

The firm said March 16 has also been fixed as record date for issue of bonus shares to the existing shareholders of the company in the proportion of one bonus share for every existing fully paid-up equity share they held.

"The bonus shares shall be credited/dispatched on March 22, 2011 to eligible shareholders," the statement said.

The Nalco board had approved bonus issue and stock-split proposals at its meeting held on January 31. The government holds 87.15% stake in the public sector undertaking.

Shares of Nalco were up by 1.58% to Rs 449.85 at the close of the day's trading on the BSE today.