Sah Petroleums Ltd. said its board had approved an issue of bonus shares to the non-promoter shareholders in the ratio of 23 equity share of Rs.5.00 each for every 19 existing fully paid equity shares in order to comply with minimum public shareholding requirement under clause 40A of the listing agreement.
The board also considered increasing the Authorized Share Capital to 26 crore from the Rs.22 crore for the purpose of issue of bonus shares to the non-promoter shareholders.
The board further considered convening an Extraordinary General Meeting of company on June 28, 2013 to get shareholders approvals for bonus issue, and amendments in memorandum and articles of the company.
AT the BSE, Sah Petroleums shares are currently trading at Rs.22.80, up 20.00 percent from the previous close.
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