A meeting of board of directors of Madras Cement, which was held on Jun 30 2008, saw the approval of the company for the payment of dividend of Rs 20 a share comprising a final dividend of Rs 10 a share and a Golden Jubilee dividend of Rs 10 a share.

The approval came in addition to the1st interim dividend of Rs 40 a share and 2nd interim dividend of Rs 10 a share paid already.

Further the board recommended an issue of bonus shares in the ratio of 1 : 1. and sub-division of each share of Rs 10 each to 10 shares of Re 1 each.

The Madras Cement is the major player of cement in South India and its stocks as of Monday closed at Rs.2857.50, up by Rs.17.95 or 0.63%. The stock hit an intraday high of Rs.3010 and low of Rs.2.