Britannia Industries plans to issue one bonus debentures of Rs 170 each for every shares held in the company. These debentures will be secured and redeemable at par on the third anniversary of the issue. Britannia industries indicated that it intends to apply for listing of these debentures on NSE and BSE. The debentures would carry interest rate not exceeding 8.5% per annum, and they will be considered as a deemed dividend as per Income tax act. The dividend distribution tax will be borne by the company.