Tata Group firm Titan Industries today said its board has sought shareholders' approval for issuing bonus shares and split of its existing shares.
The company is seeking its shareholder's nod for "issue of bonus shares in the ratio of one equity share for every one equity share held, sub division of the share of face value of Rs 10 each into 10 shares of Re 1 each, by postal ballot, Titan Industries said in a filing to the Bombay Stock Exchange (BSE).
The firm, which sells Titan brand of watches, said its board has already accorded approval for the said proposal.
The company has appointed M/S BR Bahl & Associates, Company Secretaries to act as scrutinisers to conduct the postal ballot. The results of the postal ballot will be announced on June 11, 2011, it said.
Shares of Titan Industries closed at Rs 3,932.80 on the BSE, down 0.30% from the previous close.
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