Biocon shares up nearly 9% on consideration of bonus issue

The shares of Kiran Mazumdar Shaw-led Biocon surged nearly 9% on Tuesday as the company said it had proposed to consider and recommend issue of bonus shares. 

The shares of the pharmaceutical company were up 8.73% at Rs 1,159.05, up Rs 93.15 (apiece) from previous close on the news. They hit an intraday high of 1,168 apiece. 

In a notification to the BSE, Biocon said, "we wish to inform you that consideration and recommendation to issue bonus shares forms part of the ageda of the meeting of board of Directors of the company scheduled on Tuesday, April 27, 2017."

Biocon is scheduled to announce its fourth quarter results on April 27.