“The Board of Directors will consider a proposal for issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations made thereunder), the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, at the meeting scheduled for October 16 and 17,” the company said in a filing.
A company issues bonus shares for its shareholders to increase the liquidity of the stock and with the aim of lowering the share price to make it affordable to investors.
Bonus shares are fully paid additional shares issued by a company to its existing shareholders. When a company issues bonus shares, shareholders do not have to incur any additional costs to obtain them. The number of bonus shares you receive depends on the number of company shares you already own.
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All shareholders who own shares of the company before the record date set by the company are eligible to receive additional shares.
The bonus shares, when granted, will be equivalent in all respects, have the same rights as the existing shares and will be entitled to participate fully in any dividends and other recommended corporate actions.
On Friday, Wipro shares closed 0.66% higher at Rs 528.45 on NSE.
