Nearly six months after the listing of New India Assurance Company, its Board of Directors recommended issue of bonus shares in proportion of 1:1, even as the general insurer reported a 39 per cent drop in net profit in the fourth quarter.
Bonus issue
This is probably the first time that a public sector company has declared a bonus issue within six months of listing.
The public sector general insurer’s net profit declined to Rs. 336 crore in the fourth quarter against Rs. 553 crore in the year-ago quarter.
