Nearly 13 years after it last issued bonus shares, India’s second largest two-wheeler maker Bajaj Auto today said that it is planning a similar move, for which its board will meet on July 22.
Following the announcement, shares of Bajaj Auto rallied nearly five per cent to hit a high of Rs 2,525 per piece — its highest level ever. The scrip ended 1.42 per cent higher at Rs 2,443.90 on the BSE.
“A meeting of the board of directors of the company will be held on July 22, 2010, to consider a proposal for declaration of bonus shares, subject to approval by shareholders,” Bajaj Auto Ltd said in a filing to the Bombay Stock Exchange.