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Indian Oil Corporation said on Tuesday its shareholders have approved a bonus issue of one share for every share held.
In a filing to the Bombay Stock Exchange IOC said the shareholders, by way of postal ballot, has approved theissuance of bonus shares in the ratio of 1:1.
The board of the company, last month, approved the bonus issue of equity share of Rs 10 each, for every share of Rs 10 each held.
Post bonus issue the paid-up equity capital of the company would stand revised to Rs 2,427.95 crore (Rs 24.27 billion), from thepresent level of Rs 1,213.98 crore (Rs 12.13 billion).
Shares of IOC were trading at Rs 636.55, down 0.46 per cent in the afternoon trade on BSE.