What does the term Pari-Passu means in context of bonus shares?

The term "pari-passu" is a Latin phrase meaning "equal in all respects." In the context of the sentence you've provided, it means that the new Bonus Equity shares being allotted will have the same rights, benefits, and privileges as the existing Equity Shares in the Company. This includes dividends, voting rights, and any other entitlements associated with the shares. Essentially, the new shares will be treated equally to the old shares without any discrimination or preference.