Sundaram Finance rallies on fixing record date for bonus issue

Sundaram Finance has rallied over 7% at Rs 1,081 after the company fixed December 14, 2012 as record date for the proposed 1:1 bonus issue.

“The “Bonus Issue 2012 Committee" have fixed December 14, 2012 as record date for issue of bonus shares in the proportion of one equity share for every one equity share held,” Sundaram Finance said in a statement.

The bonus shares will be issued to those shareholders whose names stand on the register of members of the company as on the record date, it added.

The stock opened at Rs 1,013 and hit a record high of Rs 1,099 after the announcement on the BSE.  A combined 84,885 shares have changed hands on the counter till noon deals on both the exchanges.