Ahmedabad-based Gujarat Apollo Industries has considered issue of bonus equity shares in the proportion of one equity share for every two equity shares held. The board of directors in its August 23 meeting approved the issue of bonus equity shares in the proportion of one equity share for every two equity shares. Further, the company has recommended dividend at Rs 3 per equity share (previous year Rs 2). Gujarat Apollo Industries Limited engages in the design, manufacture, and sale of road construction and maintenance equipment primarily in India.