“The Board shall consider the proposal for issue of bonus shares in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations made thereunder), Securities and Exchange Board of India (Issue of Capital).
Disclosure Requirements) Regulations, 2018, in its meeting to be held on October 16-17,” the company said in the filing.
A company issues bonus shares to its shareholders with the aim of increasing the liquidity of the stock and reducing its share price to make it affordable for investors.
Bonus shares are fully paid up additional shares issued by a company to its existing shareholders. When a firm issues bonus shares, its shareholders do not have to bear any additional cost to get them. The number of bonus shares you get depends on the number of shares of the firm you already own.
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All shareholders who hold shares of the firm prior to the record date fixed by the firm, are eligible for additional shares.
Bonus shares once allotted shall rank pari-passu in all respects and shall carry the same rights as existing equity shares and shall be entitled to participate fully in any recommended dividend and other corporate actions.
Shares of Wipro rose 0.66% on the NSE on Friday to Rs. closed at 528.45.
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