Cadila Healthcare today said it will issue bonus shares in the ratio of 1:2,

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that is one for every two held by shareholders.

The board of directors has approved the bonus issue to reward the shareholders who have been a part of its value creation process, Cadila Healthcare said in a filing to the Bombay Stock Exchange (BSE).

"We have been focusing on consistent growth in all areas of our business performance and have explored strategic initiatives that create value for our shareholders in the long term.

"As we accelerate the pace of growth, our aim would be to look at differentiated ideas, new business models and winning solutions that can help us in the next big leap of becoming a USD 3 billion company by 2015," Zydus Cadila CMD R Patel said.

Shares of Cadila Healthcare were quoting at Rs 737.20, down 0.87 per cent in afternoon trade on the BSE.