Shares of KNR Constructions moved higher by 9 per cent to 347, hitting a fresh 52-week high, on the BSE on Friday after the company said its board has approved bonus share in the ratio of 1:1.
“The board of directors of the Company, at its meeting held today, has recommended issue of bonus shares to the members of the Company by capitalization of its securities premium reserves in the ratio of 1 bonus equity share for every 1 existing equity share held by the members as on ‘record date’ to be fixed hereafter for this purpose,” KNR Constructions said in a BSE filing.
The Company will also seek the approval of members of the Company through postal ballot, inter alia, for increase of authorized share capital of the Company, it said.
