Berger Paints shines bright on bonus-share proposal

The company’s board on August 9 will along with June quarter results take up the proposal to issue bonus shares, the company said. If agreed to, this will be the seventh bonus share by the paint manufacturer

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Berger Paints was trading more than 2 percent higher in the afternoon trade after the company said it will consider a proposal for a bonus share issue at its board meeting on August 9.

Around 13 lakh shares changed hands on the exchanges, double the company’s monthly traded average.

The company will consider issuing bonus shares by capitalisation of reserves, subject to approval of the shareholders of the company, Berger Paints said in an exchange filing dated August 1.

The issue will be discussed along with the financial results for the quarter ending June 30 on August 9.

Berger Paints has issued bonus shares six times so far. The last bonus issue was in 2016 when shareholders got two shares for every five held.

At 12.48, the stock was trading at Rs 701 on the National Stock Exchange, up 2.73 percent from the previous close.

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Berger Paints has gained 20 percent since January 1 and 27 percent in the last six months despite growing concerns that profit margins in the industry could be under pressure as Grasim expands its presence in the business.

India’s second largest paint company, Berger Paints manufactures and sells paints, varnishes and enamels for various applications.

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