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Torrent Pharma announces stock split, 1:1 bonus
Our Bureau
Ahmedabad
,
Dec. 15
TORRENT Pharmaceuticals Ltd on Thursday announced a stock split under which each of its equity of shares of Rs 10 face value will be split into two shares of Rs 5 each.
The Ahmedabad-based pharmaceutical company has also announced a 1:1 bonus for its shareholders. "The Board of Torrent Pharma met today and approved issue of bonus shares in the ratio of one share for every share held on a post-split basis. As a result, every shareholder will be issued four shares of Rs 5 value for every share of Rs 10 value held by them," a company spokesperson said here on Thursday.
Both these decisions are subject to the concurrence of the company's shareholders and an extra-ordinary general meeting has been convened on January 25 to obtain shareholder approval.
"The split and bonus will help us balance the capital structure of the company and improve the liquidity of the company's stock," he said. Torrent Pharma's shares were down Rs 18 to close at Rs 861 on the Bombay Stock Exchange on Thursday.
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