ITC board recommends issue of 1:1 bonus share

Tobacco to hospitality conglomerate ITC Friday announced issue of one bonus share of Re.1 for every one share held by investors. In a regulatory filing with the Bombay Stock Exchange, ITC said the board of directors at its meeting Friday recommended issue of bonus shares in the ratio of 1:1. The board also approved increasing the authorised share capital of the company from Rs.500 crore to Rs.1,000 crore. The board recommendations, however, have to be approved at the company’s annual general meeting slated for July 23.