Technology companies seem to be the most liberal dividend paymasters. While Infosys Technologies and Mphasis BFL have already announced bonus shares, Wipro management is meeting on April 16 to consider the bonus issue. Wipro's last bonus issue was in 1997, in the ratio of two shares for one share held.

On Tuesday, Infosys Technologies recommended an issue of three bonus shares for every one equity share held. The Board also recommended a bonus ('stock dividend') on the company's American Depository Shares (ADS) in the ratio of one additional ADS for every one existing ADS held.

Mphasis BFL issued bonus shares in April, 2003 in the ratio of one bonus share for every share held. This year, again, the board proposed to issue one bonus share for every one share held.

Thus the company have made two bonus issues in the last two years, both in the ratio of 1:1. During the fiscal ended March 2004, i-flex solutions made a 1:1 bonus share issue. Then Moser Bear, followed suit and issued bonus shares in the ratio of 1:1.

If one goes by the reserves and surplus positions of the software companies, Satyam Computer Services, SSI, i-flex solutions, i-Gate Global solutions, Mastek, D-link and Hughes Software look to bonus candidates in the near future.