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“The Board will be considering a proposal for issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, at its meeting scheduled to be held over October 16-17,” the company said in a filing.
A company issues bonus shares for their shareholders in order to increase the liquidity of the stock as well as with the aim to decrease its stock price to make it affordable for investors.
Bonus shares are fully paid additional shares issued by a company to its existing shareholders. When a firm issues bonus shares, its shareholders do not have to incur any extra costs to get them. The number of bonus shares you receive depends on the number of shares of the firm you already hold.
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All shareholders who own shares of the firm before the record date, which is determined by the firm, are eligible for additional shares.
The bonus shares once allotted will rank pari‐passu in all respects and carry the same rights as the existing equity shares and will be entitled to participate in full in any dividend and other corporate actions recommended.
On Friday, Wipro shares closed 0.66% higher at Rs 528.45 on NSE.