The stock of IT major Tech Mahindra rose 2.78 per cent on the BSE on Wednesday on news of the company’s shareholders approving an issue of bonus shares and a subsequent stock split. The stock hit an intraday high of ₹2,944.90 before ending the session at ₹2,912.20.
In a filing made with the stock exchanges, the company reported that shareholders had approved the company’s proposal to issue one bonus share of ₹10 face value for every existing equity share of ₹10. Following this, the stocks will be split in the ratio of 2:1, that is two equity shares of ₹5 each for every one equity share held now. Tech Mahindra has set March 20 as the record date for the purpose of ascertaining the entitlement of the members for the 1:1 bonus issue and 2:1 subdivision.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.