HYDERABAD: The extraordinary general meeting of the National Mineral Development Corporation Ltd on Thursday decided to split each equity share, with a face value of Rs.10, into ten equity shares with a face value of one rupee. It also decided to issue bonus shares for every equity share held.

The issue of two bonus shares will increase the company’s paid-up capital by more than Rs.264 crore.

The meeting also considered the enabling amendments to the memorandum and articles of association of the company to give effect to increased authorised share capital, splitting of shares and capitalisation of reserves to facilitate the issue of bonus shares. The record date for the split is April 21, 2008.