BUSINESS
Orissa Minerals Development Company (OMDC), which is expected to sell its first batch of iron ore from a recently restarted mine, has deferred the bonus issue that it had proposed last month.
Orissa Minerals Development Company (OMDC), which is expected to sell its first batch of iron ore from a recently restarted mine, has deferred the bonus issue that it had proposed last month.
In a notice to the Bombay Stock Exchange (BSE) late Thursday evening, the company said its Board has decided “against the issue”, but gave no reasons.
However, company sources told DNA Money that the Board wants to defer issuing bonus shares to its shareholders unless it clocks any sales numbers.
“No matter we have enough reserves and surplus, and mines are on the verge of starting, but unless we have some operating income, we think it is not the right time to issue bonus shares,” said a senior company official.
He said the Board will re-consider the issue as soon as sales begin from its recently opened Kolha Roida mine.
OMDC, a subsidiary of Rashtriya Ispat Nigam, has six iron ore and manganese ore mine in the Keonjhar district, in Orissa with total high
Fe grade iron ore reserves of over 240 million tonne.
The firm had sought shareholder nod to raise its share capital from Rs60 lakh to Rs25 crore in order to meet the listing norms. This is expected to be done through a bonus issue.
“We are on the path to capital restructuring and the bonus issue is a part of that. But that will only be done once we have some income from sales,” said the official. The company which recently got approval to start its Kolha Roida mine expects to start selling ore this year.
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