New Delhi, June 4 -- The board of AVI Polymers, at its meeting held on Thursday, approved the issuance of bonus equity shares in the ratio of 1:10, subject to shareholder approval. The bonus issue means shareholders will receive one bonus equity share for every ten existing fully paid-up equity shares held as on the record date.

The company is proposing to issue 94.08 lakh bonus equity shares (or approximately 0.94 crore shares) under the 1:10 bonus issue. Its pre-bonus paid-up share capital stood at Rs.94.09 crore, comprising 9.40 crore equity shares of Rs.10 each.

Following the bonus issue, the post-bonus paid-up equity share capital is expected to increase to Rs.103.49 crore, consisting of 10.34 crore equity shares of Rs.10 each.

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