JM Financial board recommends bonus, stock-split

MUMBAI: JM Financial Ltd has informed the BSE that the board at its meeting held on May 28 has recommended a dividend of 50% (Rs 5/- per share) for the year ended March 31, 2008 and a special dividend of 200% (Rs 20/- per share) considering an exceptiona l income, being the profit on sale of 49% equity stake in Morgan Stanley India Company Pvt Ltd to Morgan Stanley.

The board gave approval for issuing bonus in the ratio of three shares for every two shares held by the shareholders. The board also approved to split the face value of the shares to Re 1 per share from existing Rs 10 per share.