Oil & Natural Gas Corporation Ltd.

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.