Fiberweb India up 4 per cent on approval of bonus shares

Share price of Fiberweb India increased more than 3 per cent intraday on Tuesday as the company's board recommends the issuance of bonus shares.

As per the meetings held on December 5, 2017, the company has recommended the issuance of bonus shares in the ratio of 1:1, subject to the approval of the members of the company in the extraordinary general meeting which is scheduled to be held on January 8, 2018.

The bonus shares will be issued to the members of the company by capitalisation of its reserves in the ratio of one bonus equity share of Rs. 10 each for every existing equity share of Rs. 10 each. The board has also declared an interim dividend at 5 per cent per share (50 paise per share).

At 12:39 hours share price of Fiberweb India was quoting at Rs. 333 per share, up Rs. 11.95, or 3.72 per cent on the BSE.