IMPAL shares hit fresh high on bonus issue

Shares of India Motor Parts & Accessories Ltd (IMPAL) on Wednesday jumped nearly 12 per cent to touch fresh 52-week high of Rs. 999.00 on the BSE. The spike in stock price is driven by the news that the company has got approval for bonus issue of equity shares.

IMPAL, a TVS Group Company, mentioned in the regulatory filing that the Board of Directors of IMPAL at their meeting held on September 10, 2019, have recommended Bonus issue of Equity Shares in the ratio of 1 (one) Equity Share of Rs. 10/- each for every 2 (Two) Equity Shares of Rs. 10/- each held by the shareholders of the company as on the record date, subject to the approval of shareholders to be obtained through Postal Ballot / E-Voting.

The board of directors have fixed Tuesday, the 22nd October 2019 as the record date for determining the entitlement of members to receive bonus shares.

IMPAL is one of the few all India distributors of motor parts and deals in engine group components, brake systems, fasteners, radiators, suspensions, axles, auto electricals, wheels, steering linkages, instrument clusters etc.

At 12:02PM on Wednesday, shares of India Motor Parts & Accessories Ltd were trading in BSE at Rs. 996.00, up 11.92 per cent from its previous close of Rs. 889.95. The stock hit an intraday high of Rs. 999.00 and intraday low of 935.00.