“The Board will consider the proposal for issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the following rules and regulations), Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, in a meeting scheduled to be held on October 16-17,ā the company said in a filing.
The company issues bonus shares to the shareholders to increase the liquidity of the shares as well as with the aim of reducing the share price to make it affordable for investors.
Bonus shares are paid for by additional shares issued by the company to existing shareholders. When a company issues bonus shares, shareholders do not have to pay any additional fees to get them. The number of bonus shares you receive depends on the number of company shares you have held.
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All shareholders who own company shares before the record date, as determined by the company, are eligible for additional shares.
Bonus shares if granted will rank pariāpassu in all respects and have the same rights as existing equity shares and will be entitled to participate fully in dividends and other recommended corporate actions.
On Friday, Wipro shares closed 0.66% higher at Rs 528.45 on the NSE.
