8 PSUs declare bonus shares -Governance Now

8 PSUs declare bonus shares

Highest number of PSUs ever declaring bonus shares in any calendar year

GN Bureau | November 25, 2016

#PSUs #bonus shares #HPCL #ONGC #BPCL #IOC #PFC #REC #Oil India #Engineers India

Eight public sector undertaking (PSUs) companies have announced bonus shares for their shareholders thus far in the current calendar year 2016, reported Business Standard.

Statistics available with Capitaline Plus revealed it is the highest number of PSUs ever declaring bonus shares in any calendar year. In 2015, Bharat Electronics was the sole central public sector enterprise (CPSE) that issued bonus shares during this period, reported the newspaper.

While seven PSUs namely— Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Engineers India announced bonus issue since May 2016. Oil India is the latest entrant to the list, taking the tally to eight, the report said.

The state-run oil exploration and production company’s board has convened a meeting on November 28, to consider issue of bonus shares.

According to the newspaper, BPCL, Engineers India, IOC, PFC and REC issued bonus shares in the ratio of 1:1 - one share for every one held. HPCL issued in the ratio of 2:1 and ONGC in 1:2.

The report stated that HPCL issued bonus shares after a more than one decade. Indian Oil Corporation issued it after a gap of seven years, while ONGC and Engineers India after six years and Oil India and BPCL after four years.

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