The board of FSN E-Commerce Ventures, which runs Nykaa, an e-commerce company, on Monday approved to issue bonus shares in the proportion of five shares for every one share held by the shareholders of the company as on the record date. The issue is subject to shareholders’ approval by way of postal ballot, Nykaa said.

Shares of Nykaa soared to a high of ₹1,411 following the bonus announcement but lost part of the gains to end at ₹1,304.90, still up 2.44 per cent, over the previous day's close

The company has fixed November 3 as the record date to eligible shareholders to receive the bonus shares.