smallcap company Maharashtra Seamless on Monday announced a bonus share issue in the ratio of 1:1 ie, one equity share for every one share held by the investor as on the record date.

For the same, the record date shall be announced in due course, the company said in a filing with the exchanges.

Listed companies issue bonus shares from their free reserves and surplus. And from this capital, bonus equity shares are issued and allotted to eligible investors.

At around 9:55 am, shares of Maharashtra Seamless were down over 1 per cent at Rs 861 per share.

Maharashtra Seamless is a multibagger stock with a three-year return of 139 per cent, while in the last one year the stock has delivered gains of 66 per cent.

Founded in the year 1988, the company is a manufacturer of seamless pipes and tubes with a market cap of Rs 5737 crore.

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By Dipak

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