Bonus shares for pledged shares are credited to the pledgor's account with the pledge marked in favor of the pledgee. If the pledge is fully closed or invoked, the bonus shares are credited to the pledgor's account as free balances.

Pledged Shares: When shares are pledged, they are held in the pledgor's Demat account, but the pledgee (e.g., a lender) has the right to access them under certain conditions.

Record Date: The company announces a record date for bonus shares. Shareholders holding shares on or before this date are eligible to receive bonus shares.

Pledge Status on Record Date: If pledged shares are still in pledge status on the record date, the bonus shares are credited to the pledgor's Demat account, but with a pledge marked against them.

Pledge Closure: When the pledge is fully closed (meaning the loan is repaid), the bonus shares, along with the original shares, are released as free balances in the pledgor's Demat account.

Pledge Invocation:

If the pledge is invoked (meaning the pledgee has the right to seize the shares), the bonus shares, along with the original shares, may be transferred to the pledgee.

In essence, the bonus shares follow the same process as the original pledged shares, being credited to the pledgor's account while the pledge is active, and then released as free balances once the pledge is closed.