NBCC Announces 1:2 Bonus Share Issue - Uses Rs 90 cr Free Reserve

New Delhi, Aug 31 (PTI) State-owned NBCC (India) Ltd on Saturday said the board has approved issue of bonus shares in a ratio of 1:2 to eligible shareholders and the company will utilise Rs 90 crore free reserve for this purpose.

In a regulatory filing, the company informed that the board has approved issuance of bonus shares and fixation of record date.

"The Board of Directors has recommended the issuance of bonus shares to the shareholders of the company in the ratio of 1:2 i.e. one new fully paid-up equity share of Rs 1 each for every two existing shares to the eligible members as on the record Date," the company said.

The company proposes to issue 90 crore shares as bonus shares.

"Free reserves of Rs 90 crore would be utilised for the issue of bonus Shares," the NBCC said.

This is subject to the approval of the shareholders in the forthcoming Annual General Meeting.

The Board has fixed October 7, 2024 as record date to determine the eligibility of members to receive bonus shares.

NBCC is mainly into project management consultancy (PMC) and real estate business.