Ircon International share price added 3.5 percent in early trade on April 6 after the company's board approved bonus shares.
"The board of directors at its meeting held on April 5, 2021, have approved and recommended the issuance of fully paid-up bonus shares in the ratio of 1:1 (i.e. 1 fully paid-up equity share for every 1 fully paid-up equity share held)," the company said in a release.
The issue of bonus share is subject to the shareholders' approval through a postal ballot.
The bonus equity shares will be issued out of free reserves of the company available as of 31 March 2020.
The company will utilise a free reserve of Rs 94,05, 15,740 for the implementation of the bonus issue.
At 09:21 hrs, Ircon International was quoting at Rs 91.25, up Rs 2.05, or 2.30 percent.
The share touched a 52-week high of Rs 108.40 and a 52-week low of Rs 72.80 on 11 February 2021 and 13 October 2020, respectively.
Currently, it is trading 15.82 percent below its 52-week high and 25.34 percent above its 52-week low