Modern Steels Board recommends 3:2 Bonus Issue

Modern Steels Ltd has announced that the Board of Directors of the Company at its meeting held on July 24, 2007, inter alia, has recommended issue of Three Bonus Shares for every two equity shares subject to confirmation by the shareholders at the forthcoming Annual General Meeting.

The Board also recommended a dividend of Rs 2 per Equity Shares i.e. 20% for approval by the members at their ensuing Annual General Meeting.

The stock closed the day at Rs.84.95, up by Rs.4.85 or 6.05%. The total traded quantity was 76396 compared to 2 week average of 40095. The stock hit an intraday high of Rs.87 and low of Rs.81.20.

Source : Equity Bulls

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