By Malvika Gurung
Investing.com — Shares of the financial services heavyweight Bajaj Finserv (NS:) began trading ex-split and ex-bonus on Tuesday, a day ahead of its record date of two corporate rewards for its shareholders, announced a month back.
The company’s shares zoomed past 8% in the early trade session today and were last seen trading 5.5% higher at Rs 1,806.1 apiece. In the past month, the mega-cap company’s shares have surged almost 13%.
The leading NBFC’s board of directors had fixed September 14, 2022, as the record date for bonus share issue and stock split of its equity shares.
Bajaj Finserv’s board had approved a stock split in the ratio of 1:5, meaning sub-dividing each existing equity share of face value of Rs 5 into five equity shares of face value of Re 1 apiece, on a fully paid-up basis.
This would be followed by the issuance of bonus shares at a 1:1 ratio, that is one bonus equity share of face value of Re 1 each will be issued for every one fully paid-up equity share of Re 1.
The NBFC shall determine eligible shareholders for sub-division of existing equity shares and the issue of bonus equity shares on the record date.
Regarding the stock split and issuance of bonus shares to its shareholders, Bajaj Finserv said that the rewards are consequent to the significant growth witnessed in the company and its subsidiaries over the years, based on business and performance.