ONGC Board recommends Bonus Issue

Oil & Natural Gas Corporation Ltd (ONGC) has announced that the Board of Directors of the Company at its meeting held on July 26, 2006, inter alia, has discussed and deliberated as a Non-Agenda item on the matter of issue of Bonus Shares in the Golden Jubilee Year of the Company. The Board after deliberations and review of financial position has decided to recommend to the Shareholders for issue of Bonus Shares by capitalization of reserves in the ratio of 1:2 i.e. One Bonus Share each for two equity Shares held.

This recommendation will be place before Annual General Meeting for Shareholders approval.

The Company Share Capital is Rs 14259.30 million and the net worth as on March 31, 2006 was Rs 535930 million.

Source : Equity Bulls

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