Algoquant Fintech, a company in the financial services sector, announced a bonus issue and stock split today.
Earlier, on June 30, the company had informed the stock exchange about a board meeting scheduled for Thursday.
In a board meeting held after market hours today, the company approved both these corporate actions.
On Thursday, Algoquant’s stock rose by more than 2.5 percent. The effects of this announcement are likely to be seen in the next trading session.
What has the company announced?
In its stock exchange filing, the company shared that during the board meeting held on Thursday, July 3, it approved an increase in share capital, a bonus issue,
and a stock split. It also said that the record date for these changes will be announced later.
The company plans to split each share with a face value of Rs 2 into two shares of Rs 1 each. Along with this, it will issue 8 bonus shares for every Re 1 share held.
This means that for each Rs 2 share, investors will receive 18 shares of Rs 1 after the split and bonus issue are completed. The company said these shares will be issued within two months after getting the required approvals.
The stock has been a multibagger.
On Thursday, the stock closed at Rs 1065 on the BSE with a gain of 2.6 percent.
In the last three years, it has delivered a return of 385 percent. Over the past year alone, it has given a return of more than 32 percent.
The stock is part of the BSE’s X group and the company’s market cap is below Rs 1700 crore. Its 52-week low was Rs 739, recorded in August last year.
