The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares has been fixed as March 17, 2018.
Indian Oil Corporation shares fell nearly 5 percent in morning on Thursday after the stock adjusted for bonus share issue.
The state-owned oil marketing company, on January 30, recommended issue of bonus shares in the ratio of 1:1 i.e. one new equity bonus share of Rs 10 each for every one existing equity share of Rs 10 each fully paid up.
The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares was fixed as March 17, 2018.
IOC had sought approval of shareholders through postal ballot or e-voting process for issuance of bonus equity shares.
Accordingly, shareholders approved the special resolution to increase authorised capital of the company and amend the capital clause in the Memorandum of Association & Articles of Association of the company.
Ordinary resolution to capitalise reserves of the company and to issue bonus shares had also been approved by shareholders.
At 09:54 hours IST, the stock price was quoting at Rs 191, down Rs 6.55, or 3.32 percent on the BSE.