Titan Industries Ltd has decided to reward its shareholders by issuing one bonus share for every share held (1:1 bonus).
In a statement to the stock exchanges, the company said that the resolution for the same had been passed with requisite majority.
The company has received shareholders’ nod to increase its authorised share capital and it has altered its memorandum of association and articles of association accordingly.
Any increase in authorised capital of a company provides headroom for raising equity capital.
Titan Industries has also received the shareholders’ approval for sub-dividing the face value of its shares from Rs 10 per share to Rs one per share.