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ONGC plans special dividend, bonus ahead of Dec 16 FPO

08 Dec 2010 Evaluate

The board of state-owned Oil and Natural Gas Corporation (ONGC) will meet on December 16 to consider issuing a special dividend to its shareholders, a stock split and a bonus issue.

ONGC plans to split equity shares of Rs 10 face value into two shares of Rs 5 face value each.Furthermore, the board will consider a 1:1 bonus share issue -- with one new share issued against every existing equity held by shareholders -- as a precursor to the planned launch of the company's follow-on public offer (FPO) in March, 2011.

Peers
Company Name CMP
ONGC 225.30
Oil India 442.85
Jindal Drilling&Inds 517.70
Deep Industries 649.40
Asian Energy Service 396.85
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