ONGC splits share, approves Dividend and Bonus before FPO

Oil and Natural Gas Corporation (ONGC) Board today has recommended for approval of the shareholders for sub division of each Equity Share of the Company of Rs.10/- each fully paid up into two equity shares of Rs.5/- each fully paid up

Moreover, the Board has also recommended for approval of the shareholders for issuance of Bonus shares in the proportion of one new Equity Share of Rs.5/- each as a Bonus for every one existing Equity Share of Rs.5/- each fully paid up by capitalization of reserves

Besides, ONGC Board has also approved a Special Interim dividend of Rs.32/- per share of Rs.10/- each fully paid up for the Financial Year 2010-11

The move comes ahead of the proposed Follow-on Public Offer of the Company, which is expected to hit the markets soon. Check back Indian IPO Blog for latest updates on ONGC FPO