Setco Automotive Recommends 1:1 Bonus Issue & 30% Dividend

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Setco Automotive Ltd has announced that the Board of Directors of the Company at its meeting held on June 28, 2010, inter alia, approved and recommended dividend at 30% i.e. (Rs. 3 (Three) per Equity Share of Rs. 10/- each for the Financial Year 2009-10. The payment is subject to approval of shareholders at the ensuing Annual General Meeting.

The Board also recommended issue of Bonus Shares in the ratio of One Bonus share for every one share held subject to approval of shareholders at the Extra-Ordinary General Meeting. The Bonus Shares will not be eligible for dividend for the F.Y. 2009-10.

The stock was trading at Rs.252.30, up by Rs.3.65 or 1.47%. The stock hit an intraday high of Rs.256 and low of Rs.250.

The total traded quantity was 26551 compared to 2 week average of 17768.

Source: Equity Bulls

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