Wipro Ltd will issue bonus shares in the ratio of 2:3 - two additional shares for every three shares held by shareholders.
In a regulatory filing on Friday, the IT bellwether said the board of directors recommended issue of bonus shares in the ratio of 2:3.
"The bonus shares will be issued after shareholders' approval at the company's annual general meeting in July," the company said in the filing note.
Wipro chairman Azim Premji alone holds about 80 per cent of the blue chip firm's shares whose par value is Re 1.
The scrip was quoting at Rs. 711.50 in morning trade on Friday on the Bombay Stock Exchange (BSE), up Rs.8.55 or 1.22 per cent over Thursday's closing.
The board also recommended a final cash dividend of Rs. 6 per share at par value of Re 1, which will be paid after the shareholders' nod at the company's Annual General Meeting in July.