ONGC intends stock split and bonus issue
ONGC intends stock split and bonus issue ONGC is planning a stock split besides giving bonus to its shareholders, reports Economic Times. >ONGC is intending to invest Rs 1,213 billion during the 11th Plan period (2007-12), a 61% jump from Rs 753.80 billion in the previous plan. Meanwhile, the company renewed its demand for increasing the price of government-regulated (APM) gas.The company is also expecting a fair deal as the issue with Reliance has been resolved.The Tariff Commission, recommended ONGC’s (Q, N,C,F)* gas to be sol d at Rs 3,600 or USD 2.5 per million British thermal units (mmBtu), as against the present APM price of Rs 3,200 per mmBtu (or USD 1.97per mmBtu). Shares of the company closed up Rs 50.65, or 5.95%, at Rs 901.50. The total volume of shares traded at the BSE was 810,205. (Wednesday)
The company had declared a bonus in 2006-07.
