Auto component company Bharat Gears Ltd (BGL) on Wednesday announced that its board of directors has recommended the issue of bonus shares in the ratio of 1 bonus equity share per 2 existing equity shares.

Share Market Live

NSE

"We wish to inform you that the Board of Directors of the Company, in its Meeting held on Wednesday, August 24, 2022, inter alia, considered and approved the issue of Bonus shares to the members of the company by way of capitalization of reserves in the ratio of '1:2 i.e. issue of 1 (One) Equity Share for every 2 (Two) Equity Shares held by the members," the company said in a regulatory filing.

The decision was taken at a board meeting of the company today and would require the approval of shareholders.

Also Read: Adani Group to buy 29.2% stake in NDTV, launch open offer for another 26%

The company intends to complete the exercise and issue the bonus shares within two months from the date of board approval, i.e. by August 24, 2022.

The company's pre-bonus paid-up share capital was 1.02 crore equity shares of Rs 10 each, aggregating Rs 10.23 crore. Post-bonus issue paid-up share capital would be 1.53 crore equity shares of Rs 10 each aggregating, Rs 15.35 crore.

BGL is a major global supplier of automotive gears and heat treatment furnaces. The company manufactures a wide range of ring gears and pinions, transmission gears and shafts, differential gears, and gearboxes majorly for the automotive industry.

Also Read: Twitter whistleblower: Spies for foreign agencies are on social media company's payroll

The company has modern manufacturing facilities are located at Mumbra near Mumbai, Faridabad near Delhi, and Satara near Pune.

First Published:Aug 24, 2022 4:30 PM IST