The bonus issue is subject to the approval of shareholders
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Varun Beverages shares fell more than 4 percent on June 17 after the Board's approval to bonus issue.
The stock closed at Rs 892 on the BSE, down 4.53 percent from the previous settlement.
"At the start of Silver Jubilee year of the company, and in appreciation of continuing support from the shareholders, the board of directors recommended bonus issue of equity shares in the proportion of one equity share of Rs 10 each for every two equity shares of Rs 10 each held by shareholders," said the franchisee for soft drinks maker PepsiCo.
The bonus issue is subject to the approval of shareholders.
Varun said securities premium of Rs 91.32 crore is required for implementing the bonus issue. "As of December 2018, the balance of Rs 1,840 crore is available in securities premium account," it said.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.First Published on Jun 17, 2019 03:45 pm
