SBC Exports (NSE:SBC, BOM:542725) has received board approval for the allotment of bonus equity shares, according to a Tuesday filing to the Indian stock exchanges.

The company plans to allot 158,730,000 bonus equity shares of 1 rupee each in a ratio of 1:2. It will issue one bonus share for every two shares held by the eligible members as of March 10.

This has increased the company's paid-up equity share capital to 476.2 million Indian rupees, consisting of 476,190,000 equity shares.

Shares of the garments manufacturer were down nearly 10% in recent trade.