IRCON International Shares Gain After Board Approves Bonus Issue Of Shares

Shares of Indian Railways' construction company - IRCON International - rose as much as 3.59 per cent to hit an intraday high of Rs 92.40 after its board post market hours on Monday approved bonus issue of shares in ratio of one bonus share for every one share held with the shareholders.

The Bonus equity shares will be issued out of free reserves of the company available on March 31, 2020, IRCON International said in a stock exchange filing.

After the approval of bonus issue paid up capital of company shall be Rs 188 crore consisting 94 crore shares of face value of Rs 2 each, IRCON added.

Bonus issue of shares is expected to be credited within 60 days from the date of Board's approval that is by 5th June, 2021.

As of 11:38 am, IRCON International shares traded 2.2 per cent higher at Rs 91.15, outperforming the Sensex which was up 0.6 per cent.