Orbit Corporation approves bonus shares

Orbit Corporation has informed BSE that pursuant to the approval of shareholders in the Annual General Meeting (AGM) held on June 18, 2010, the directors of the company have, by passing resolution by circulation, approved the allotment of 54.98 million equity shares as bonus equity shares to the existing shareholders of the company in the ratio 1:1 ie one fully paid equity share of Rs 10 each for every fully paid equity share of Rs 10 each held by the shareholders as on June 30, 2010 being the record date.

Consequently after such allotment, the paid-up equity share capital of the company has increased to Rs 1,09.97 crore consisting of 109.96 million equity shares of Rs 10 each.

Meanwhile, shares of Orbit Corporation lost a marginal 0.42 per cent on the Bombay Stock Exchange to trade at Rs 131.75.