State-owned explorer Oil India on Saturday said its board of directors have agreed to issue 3:2 bonus shares — three shares for every two held.

In a regulatory filing, OIL said the board of directors at its meeting on Saturday approved enhancing the authorised share capital of the company from Rs. 500 crore (i.e. 50 crore equity shares of Rs. 10 each) to Rs. 2,000 crore (i.e. 200 crore equity shares of Rs. 10 each).

It also agreed to “issue of bonus shares in the ratio of 3:2 (three equity shares of Rs. 10 each fully paid-up for every two existing equity shares of Rs. 10 each).”

OIL said its board also declared second interim dividend of Rs. 10 per share (100 per cent) for 2011-12. It has in December declared an interim dividend of Rs. 25 per equity share (250 per cent).

Company net profit rose 11.7 per cent to Rs. 1,013.98 crore in October-December quarter of current fiscal as compared to Rs. 907.98 crore in the same period a year ago.

Total income increased to Rs. 2,589.79 crore in Q3 from Rs. 2,473.41 crore last fiscal.

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