PFC gains nearly 5% on bonus share announcement

Shares of Power Finance Corp today rose by nearly 5 per cent after the company said its board has approved issuing one bonus share for every equity share held by shareholders.
The stock gained 4.66 per cent to settle at Rs 209.95 on BSE. During the day, it surged 6.13 per cent to Rs 212.90.
At NSE, shares of the company went up by 4.58 per cent to end at Rs 209.90.
In terms of volume, 12.33 lakh shares of the company were traded on BSE and more than 66 lakh shares changed hands at NSE during the day.
Power Finance Corp today said its board has approved issuing one bonus share for every equity share held by shareholders and increasing authorised share capital of the firm to Rs 10,000 crore from Rs 2,000 crore.

The company in a filing to the BSE said that its board in the meeting held today recommended to the shareholders to approve at the forthcoming AGM the issuance of bonus shares by capitalising the "securities premium account".
"The holder of each share of the company shall be entitled to one bonus shares (i.E. In the ratio of 1:1)," PFC said in the filing.
The board also approved increase in the authorised share capital from present Rs 2,000 crore divided into 200 crores equity shares of Rs 10 each to Rs 10,000 crore divided into 1,000 crore equity shares of Rs 10 each.