IL&FS Investment up on board nod for bonus issue

Board announces bonues issues in the ratio of 1:2

Shares of IL&FS Investment Managers were up over 3% at Rs 20.10 after the board at its meeting held on November 1 approved a bonus issue in the ratio of 1:2 equity shares.

The record date for the issue of Bonus Shares to the shareholders will be fixed after the approval of the issue of Bonus Shares by the shareholders, the company said in a release to the Bombay Stock Exchange.

The Bonus Shares shall be eligible for dividend to be declared for the financial year March 31, 2014 onwards, the release said.

Further, the Board of Directors also approved increase in the authorised share capital of the Company from Rs. 500,000,000/- to Rs. 650,000,000/- subject to the approval of the shareholders.

Over 130,000 shares were traded on both the stock exchanges so far.