The board of GRM Overseas has approved a bonus share issue and a proposal to increase the company’s authorised share capital, the smallcap firm said in a regulatory filing.

The BSE filing did not disclose the ratio of the bonus issue or any additional details on the proposed corporate action.

GRM Overseas is engaged in milling, processing and marketing branded and non-branded basmati rice in domestic and overseas markets.

The company’s shares opened marginally higher at Rs 464.25 against the previous close of Rs 464.20 in a volatile session. The stock later rose to an intraday high of Rs 471.25, up 1.51 per cent. It then declined to a low of Rs 460.60 before closing at Rs 457 on the NSE, down 1.71 percent.

The company reported a 61 percent year-on-year rise in net profit to Rs 14.83 cr

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