Orissa Minerals Development Company has informed BSE that a meeting of the board of directors will be held on September 3 to consider the issue of bonus shares.

The board, at its meeting held on August 27, has approved the increase in authorised capital of the company from Rs. 60 lakh to Rs. 25 crore.

The shares of company (Rs. 10 face value) ended higher by Rs. 2,.510 at Rs. 56,685.20 on the Bombay Stock Exchange on Monday.

The paid-up capital of the company is Rs. 60 lakh while it has a huge reserves of Rs.800 crore.