Shares of Oil India were trading 2% higher at Rs 336 on the BSE after the company said it has fixed March 29, 2018 as the record date for 1:2 bonus issue. The stock will turn ex-bonus on March 27, 2018.
“The Company has fixed Thursday, 29th March, 2018 as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders for issue of Bonus shares in the ratio of 1:2 [i.e. 1 bonus equity share for every 2 existing fully paid up equity shares subject to the approval of shareholders for issuance of bonus shares,” Oil India said in a regulatory filing.
The board of directors of Oil India at its meeting held on February 09, 2018 had recommended issue of bonus shares to existing shareholders.
The board also declared interim dividend of Rs 14 per share (i.e. 140%) for the year 2017-18. The stock had turned ex-date for interim dividend on February 21, 2018.
Since February 21, the stock underperformed the market by falling 4% as compared to a marginal 0.04% rise in the S&P BSE Sensex till Tuesday.