Kansai Nerolac to seek shareholders' nod for bonus issue

Paints manufacturer Kansai Nerolac Paints today said it will seek shareholders approval for issuing a bonus share for every share held by the investor, or in the ratio of 1:1.

The shareholders' nod is being sought through postal ballot to pass an ordinary resolution to this effect and increase the authorised equity capital to Rs 60 crore from the existing Rs 30 crore, Kansai Nerolac Paints said in a filing with the Bombay Stock Exchange (BSE).

The duly filled postal ballots should reach the scrutiniser till June 11 and the result of the ballot would be announced on June 12, it said.

 

The company is engaged in the industrial, automotive and powder coating business and its water based paints includes emulsions and distemper.

Shares of the company closed at Rs 1,495, up 1.55 per cent from the previous close on the BSE.