Deepak Nitrite at record high on stock split, bonus issue plan

The board will meet on May 02, to consider the share split and issue of bonus shares by capitalizing reserves.

Deepak Nitrite is locked at the upper circuit of 20% at Rs 549, also its record high on the NSE, after the company said its board will meet on May 2, 2014 to consider issue of maiden bonus shares. The board will also consider the sub-division of face value of equity shares  from Rs 10 per share to a lower denomination.

“A meeting of the board of directors of the company will be held on May 02, 2014, inter alia, to consider the split of shares and issue of bonus shares by capitalizing reserves,” Deepak Nitrite said in a statement.

A combined around 24,000 shares changed hands on the counter and there are pending buy orders for 4,000 shares on the NSE and BSE at 0930 hours.