Bajaj Finserv splits stock to attract more retail investors, shareholders get bonus shares too
时间:2024-06-26 11:37:51 阅读(143)
Bajaj Finserv share price rallied on Thursday as investors reacted to the company’s Board approving a stock split as well as a bonus issue of equity shares. The stock was up 9.59% to hit an intraday high of Rs 14,579 per share. Along with the issue of bonus equity shares and splitting the stock, the company also announced its quarterly results for the April-June quarter. Consolidated revenue of the financial services firm soared 57% on-year basis but was down when compared to the previous quarter. Despite the sharp upmove, Bajaj Finserv’s stock price is down 14.36% so far this year, underperforming the benchmark indices. Bajaj Finance shares also rallied on Thursday, soaring more than 10% to touch Rs 7,047 per share.
Stock split and bonus issue
Post the bonus issue and stock split, the fully paid up equity shares of Bajaj Finserv will increase to 1,59,28,09,270 from the current 5,92,80,927. “Currently, the retail/individual shareholders comprise 98% of the total number of shareholders holding around 17.52% of paid-up value of shares. Amongst its peers,the share price of the Bajaj Finserv is one of the highest while having one of the smallest capital bases. “As and when the stock price rises further. it will be increasingly difficult for small potential shareholders to partake in the company’s future,” Bajaj Finserv said justifying the split and bonus issue.
Results at a glance
The consolidated total income of Bajaj Finserv was up 14% on-year at Rs 15,888 crore in the April-June quarter. The company’s consolidated assets under management (AUM) crossed a milestone of Rs 200,000 crore in the quarter under review and stood at Rs 204,018 crore.
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