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.