Oil & Natural Gas Corporation said on Friday the company's board has approved the stock split and issuance of bonus shares in the ratio of 1:1.
"The members of the company through postal ballot have approved the sub-division of the equity share of Rs 10 each into two equity shares of Rs 5 each, and issuance of bonus shares in the ratio of 1:1, by capitalisation of reserves," ONGC said in a filing to the Bombay Stock Exchange.
The company has fixed February 9, 2011 as the record date for ascertaining the eligibility of the shareholders, who would be entitled to receive sub-divided
shares and bonus shares, it said in a separate filing to the BSE.
Shares of ONGC were quoting at Rs 1,126.30 a piece, up 1.06 per cent from previous close in the last hour of trade on BSE.