Price Bonanza

Price Bonanza Hansavivek TATA IRON AND STEEL COMPANY (TISCO) has provided good cheer to its shareholders after a long time by announcing a bonus issue of equity shares on a two-for-five basis and partially convertible bonds of Rs 30 crore in addition to a dividend of 15 per cent against 13.5 per cent paid for the previous year. Each bond will be of the face value of Rs 300 consisting of a convertible part of Rs 100 and a non-convertible part of Rs 200. The convertible part will carry an option to receive one equity share of Rs 100 at par at the end of three years from the date of allotment. The balance will be repayable at the end of 10 years with an option to the company to repay this amount in instalments by drawing lots after the seventh year. The bonds will carry interest at 13.5 per cent per annum, payable half-yearly, and an additional one per cent per annum if, for the immediately preced ing year, the equity dividend exceeds 13.5 per cent, such rate to be proportionately adjusted in the event of any future bonus share issue. The bonds will be offered for sale