RITES announces 1:4 bonus share issue
Railway consultancy firm RITES said Monday it will issue bonus shares to its shareholders.
In a statement, RITES said it will issue one bonus share for every four shares held by its existing shareholders.
"Bonus issue is part of the shareholder-friendly policies that our company has consistently pursued and this will also help us align the equity capital in line with the reserve and surplus of the company," said Rajeev Mehrotra, chairman and managing director, RITES Ltd.
The bonus issue was proposed after reserve and surplus of the company as on March 31 touched Rs 2,184 crore. RITES had reported a 35.7 per cent rise in revenue to Rs 2,240 crore and a 37.3 per cent rise in profit after tax (PAT) to Rs 490 crore in 2018-19 over 2017-18, with a strong order book of Rs 6,097 as on March 31, the state-owned firm said in the statement.
"Five crore...new ordinary shares of Rs 10 each will be issued. These new shares will carry the same rights and will rank pari passu. The paid-up share ...