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ICICI Direct Report
Minda Industries Ltd. is India’s largest maker of automotive switches, horns, seats and passenger vehicle alloy wheels and third largest automotive lighting player.
The company had made an announcement for issue of bonus shares on May 24, 2022. The ratio was one bonus equity share of Rs 2 each fully paid up for every one existing equity share of Rs 2 each fully paid up (i.e. in the ratio of 1:1) held by shareholders as on the record date.
Minda Industries turns ex-bonus today i.e. July 7. Accordingly, the share price has been adjusted to ~Rs 500/share in opening trade today against the last closing price of Rs 969/share yesterday.
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