TCS gets nod for 1:1 bonus

Tata Consultancy Services Ltd on Friday said its shareholders have approved the issue of bonus shares worth up to Rs 48.93 crore (Rs 489.3 million) to be paid in the ratio of 1:1.

The company has fixed July 31 as the record date for the bonus issue, where one new equity share would be issued for every equity share held, it informed the Bombay Stock Exchange.

The board of the company had approved the bonus issue in April. The shareholders approved this proposal at the AGM held on Thursday for issue of bonus shares worth up to Rs 48.93 crore out of the amount of about Rs 2,066.6 crore (Rs 20.66 billion) standing to the credit of the Securities Premium Account as on March 31, 2006.