Algoquant Fintech, a company in the financial services sector, has 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 the meeting held after market hours today, the board approved these corporate actions. On Thursday, the company’s stock rose by more than 2.5 percent. The impact of this announcement is expected to reflect in the next trading session.
What did the company announce?
In the update sent to the stock exchange, the company said that in the board meeting held on Thursday, July 3, it approved the increase in share capital, bonus shares, and stock split. The company also mentioned that the record date for these actions will be announced later.
The company will split its shares with a face value of Rs 2 into shares with a face value of Rs 1 each. Along with the split, it will also issue 8 bonus shares for every Re 1 share held.
This means that each Rs 2 share held by an investor will turn into 18 shares of Rs 1 each after the completion of these actions. According to the company, the bonus and split shares will be issued within two months of receiving the necessary approvals.
The stock is a multibagger.
On Thursday, the stock closed at Rs 1065 on the BSE with a 2.6 percent gain. Over the last three years, the stock has given a return of 385 percent. In the past year, it has returned over 32 percent.
The stock is listed in the BSE’s X group, and the company’s market capitalization is under Rs 1700 crore. Its 52-week low was Rs 739, which was recorded in August last year.