While processing Bonus share,what is a 'No deliver'/Book closer?

The company announces bonus shares when it decides to issue them. It also informs stock exchanges that the stock is listed.

Stock exchanges determine the stock's 'No Delivery Period' to ensure that the bonus shares are received as soon as possible. Stocks can still be traded during this period, but trades must be settled after the 'No delivery' period. These settlements will be paid out after the expiration of the "No Delivery" period.

The settlement begins at the 'No Delivery' date. This is also called'Ex Date'. The bonus shares are not available to the buyer of shares that are purchased after the ex-dates. However, the seller is eligible.

Exemple:
Reliance Power Limited declared the following dates for its 2008 bonus shares:

• Ratio of bonus shares: 3:5, 3 Bonus shares per 5 shares held by investors.
• Record date: Monday, June 02, 2008
• Book is still close to processing bonus shares: Tuesday June 03, 2008 through Thursday June 05. 2008.
• Trading date for cumbonus shares: Thursday May 29, 2008.
• Ex-bonus shares are to be traded on Friday, May 30, 2008.