The shareholders of the Matrix Laboratories Ltd at the Annual General Meeting (AGM) have approved the resolutions for the issue of bonus shares in the ratio of 1:1 and sub-division of equity shares (stock split) into a face value of Rs 2 from the present face value of Rs 10. The company has fixed January 20, 2005 as the record date for the bonus issue as well as the stock split.

Addressing the shareholders at the AGM, N Prasad, chairman & CEO, said that the stock split would improve the liquidity of the equity shares of the company, besides being more accessible to the retail investors.

Explaining various initiatives taken by the company for sustainable growth, Prasad said: "With the focus on Intellectual Property (IP) value creation both in APIs and dosage forms, cost effective & quality manufacturing strengths, strong marketing team and the initiative to move up the value chain through contract manufacturing of formulations for regulated markets, the company will have sustainable growth over the years".