Live Mint reported that Orissa Minerals Development Co Limited is considering a series of steps that will allow shareholders to trade their stakes on the country’s key stock exchanges.

Mr Champak Banerjee executive director of OMDC said that the firm, which is also in the middle of an ownership restructuring, will consider issuing bonus shares in the second half of the fiscal ending March 31st 2010 to raise its paid up equity capital.

OMDC, currently listed only on the Calcutta Stock Exchange, requires higher paid up capital to qualify for the Bombay Stock Exchange and the National Stock Exchange. Even on CSE, there has been no trading in OMDC shares for 24 years. Trading restarted on October 17th 2009, but OMDC shares still change hands infrequently.

OMDC had INR 731 crore in reserves and surplus at the end of March 2009, of which INR 718 crore was in cash. A part of this money could be taken out for allotting bonus shares to shareholders. The firm could also split its shares, in line with another key demand of shareholders. This will increase the liquidity of the stock and make it more affordable.

(Sourced from www.livemint.com)