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Shares of Bajaj Finserv rallied 6 per cent to Rs 1,821 on the BSE in Tuesday’s intra-day trade after the stock traded ex-date for 1:5 stock split and 1:1 bonus share. The stock adjusted 52-week high now stands at Rs 1,932, recorded on October 19, 2021.
The company had fixed September 14, 2022 as the ‘Record Date’ for the purpose of determining the members, eligible for the sub-division of existing equity shares, and issue of bonus equity shares of the company.
On July 28, 2022, Bajaj Finserv’s board had approved sub-division of existing equity share of face value of Rs 5 into five equity shares of face value of Rs 1 fully paid- up. The board had also approved issue of one bonus equity shares of face value of Rs 1 for every one equity share of Rs 1.
Highlighting the rationale behind the split and issue of bonus shares, the management had said that the company and subsidiaries have grown significantly, in terms of business and performance over the years. “This is reflected in the share price of the company, which touched peak of Rs 19,325 in October 2021. Since then, the price has hovered around Rs 12,200,” it said.
In the past two months, Bajaj Finserv rallied 55 per cent, as compared to 13 per cent surge in the S&P BSE Sensex. At 09:25 am, the stock traded 4.5 per cent higher at Rs 1,793, as against 0.58 per cent gain on the benchmark index.
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