REC Surges Over 4% On Bonus Issue Plan

Posted By: Staff
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Shares of Rural Electrification Corporation (REC) soared over 4 per cent on the Bombay Stock Exchange after state-run infrastructure finance company said that the board of company is likely to consider bonus issue in the meeting on August 11.

REC Surges Over 4% On Bonus Issue Plan
Rural Electrification Corporation: Quotes, News
BSE 157.00BSE Quote1.4 (0.89%)
NSE 157.30NSE Quote1.65 (1.05%)

"The board of directors of the company in its meeting scheduled to be held on August 11, 2016, will consider the proposal in respect of issue of bonus shares to the shareholders of the company in the ratio, as it may deem fit by way of capitalization of its reserves," REC said in a filing to BSE.

Following the announcement, shares of company gained as much as 4.52 per cent in intra-day to trade at Rs 233.40 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company advanced 3.29 per cent to Rs 230.55 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 28,140.08, down 42.49 points, or 0.15 per cent, at 11:50 hours.

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