MM Forgings considered the proposal to issue bonus shares, at the annual general meeting (AGM) held on July 11.

The board has given approval to issue of bonus shares in the ratio of 1:1 and it has also approved the proposal to raise borrowing limits of the company to Rs.1,500 crore and increase authorized share capital to Rs.30 crore. Further, the company will also sell, lease, mortgage/charge the properties situated at Singampunari and Viralimalai.

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