3:5 bonus from IDBI

By Our Special Correspondent

MUMBAI, DEC. 19. The directors of Industrial Development Bank of India (IDBI) have decided to issue bonus shares in the ratio of three bonus shares for every five equity shares held to all equity shareholders, as on the record date, subject to adoption of the same by the shareholders at an extra-ordinary general meeting which is being convened shortly.

``In the opinion of the directors on the basis of current performance level, it would be possible for IDBI to maintain a dividend at 45 per cent for the financial year ending March 31, 2001 on the enlarged share capital,'' according to a press release issued here today.

IDBI's subscribed equity share capital stood at Rs. 673 crores as on March 31, 2000 which came down to Rs. 408 crores upon conversion of equity share capital aggregating Rs. 247 crores held by Government of India into redeemable preference share capital in June and forfeiture of 1.80 crore partly paid equity shares in August.

After the issue of bonus shares, equity capital of IDBI will be Rs. 653 crores which would be marginally less than the subscribed capital of Rs. 673 crores as on March 31, 2000.

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Section  : Business
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