ONGC Bonus Issue and Stock Split

ONGC at its Annual General Meeting (AGM) held yesterday has said that it is planning a stock split besides giving bonus to its shareholders.

ONGC has also declared bonus last year in 2006-07 at 1:2 one Bonus share for every two shares held. It would be interesting to see what the Board of Directors of ONGC would decide this time, whether they would go for Bonus and sub-division of ONGC shares at the same time. Date of ONGC Bonus and split consideration was not yet been announced.

ONGC is planning to invest heavily during the 11th plan period and in a recent news the Tariff Commission has recommended that ONGC’s gas which is currently sold at APM price of Rs 3,200 per mmBtu needs to be sold at Rs 3,600 per mmBtu .

Shares of the company closed up Rs 50.65, or 5.95%, at Rs 901.50 on  (Wednesday). Shares of ONGC today closed at Rs 906.10 with the total traded quantity at 2891643 shares.