TTK Prestige shares rallied nearly 5 percent intraday Friday after the board approved bonus issue.
The stock was quoting at Rs 8,702, up Rs 143.90, or 1.68 percent on the BSE, at 13:33 hours IST.
The kitchen appliances maker, on March 29, said the board approved and recommended the issue of bonus shares in the ratio of one equity share for every five shares held, as on a record date to be determined.
“The bonus issue of equity shares will be subject to approval of the shareholders and any other applicable statutory and regulatory approvals,” it added.
In addition, the company changed role of TT Jagannathan from executive chairman to non-executive chairman.
“TT Jagannathan who was appointed as Executive Chairman for a period of 5 years from July 2018 will function as non whole-time director and non-executive chairman of the board of TTK Prestige Limited from April 1, 2019 till his remaining tenure,” TTK said.
The company appointed Dhruv Sriratan Moondhra as an independent director and approved re-appointment of R Srinivasan as an independent non-executive director for a second term of 5 years.
It also appointed K Shankaran as whole-time director and secretary.
First Published on Mar 29, 2019 01:44 pm