The shares of Bajaj Finserv Limited opened at Rs 15,199 on Monday as against the previous close of Rs 15,047. Till 10.30 am the share slid by 0.18% and was trading at Rs 15,019 levels. In the last two trading sessions, the stock has added 13% and in the previous five days, the stock has gained approximately 18%.
It reached its 52-week high of Rs 19,325 in October 2021. Currently, it is trading at a 20% discount from its high.
The stock price has been increasing after the board of directors of the company approved the proposal of a stock split or sub-division of equity shares as well as gave its nod for the issuance of bonus shares.
The company has announced a split in the ratio of 5:1 which means that for every five equity shares having a face value of Re 1 each will be offered on every one existing share having a face value of ₹5 each.
It has also announced the issuance of bonus shares with a face value of Re 1 each for every full paid-up equity share of Re 1.
This means that the bonus shares will be issued after the stock split. The company intends to complete the necessary corporate action on or before 26 September 2022, subject to necessary approvals.
Bajaj Finserv Limited will be required to amend the capital clause of the memorandum of association of the company, subject to the approval of the shareholders to be obtained by postal ballot, it said in a regulatory filing.
In Q1FY23, the company posted a consolidated net profit of Rs 1,309 crores up by 57% compared to Rs 833 crore
s in the same period last year. Meanwhile, its total income stood at Rs 15,888 crores in the period, up by 14% from Rs 13,949 crore in Q1 a year ago.
Bajaj Finserv Limited, part of the Bajaj group, is an Indian non-banking financial services company. It is the holding company for the various financial services businesses under the Bajaj group.
Written by – Anoushka Roy
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