Engineers India gains on fixing record date for bonus issue

Engineers India has moved higher by 3% to Rs 315, also its 52-week high on the BSE after the company fixed January 02, 2017 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1. The stock hit a same level on December 13, 2016 during intra-day trade.

The board of directors of Engineers India at its meeting held on November 16, 2016, had recommended the issue of bonus shares in the proportion of 1 (one) new equity share of Rs 5 each for every 1 (one) existing equity shares of Rs 5 each fully paid up of the company.

Since November 8, the stock appreciated 25% after the company said the board will consider the bonus shares in the above said board meeting. The S&P BSE Sensex was down 4.3% during the same period.

At 01:04 pm; the stock was up 2.8% at Rs 314 on the BSE. A combined 1.13 million shares changed hands on the counter on the BSE and NSE.

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