IIFL Wealth Turns Ex-Split, Bonus Share Issue: Split Details

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IIFL Wealth Turns Ex-Split, Bonus Share Issue: Split Details
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the Indian wealth management firm IIFL Wealth Management (NS: ONEW ) began trading ex-split on Thursday. The stock was up 0.3% at Rs 444.65 apiece in the morning session.

The small-cap company’s Board of Directors had approved the sub-division or split of existing equity shares from one share of the face value of Rs 2 each to two equity shares of the face value of Re 1 each fully paid up.

The wealth manager’s Board also approved to issue one bonus share of IIFL Wealth of face value of Re 1 each for every one fully paid up an equity share of the face value of Re 1 each.

The company approved the stock and bonus share issue at its third Extraordinary General Meeting (EGM) held on Feb 15, 2023.

The record date to determine the shareholders’ eligibility for receipt of the proposed stock split and bonus issue has been fixed as March 2, 2023.

Splitting a stock typically increases the stock’s liquidity in the capital market and makes it more affordable for small investors. Doing so increases the number of shares in the market while keeping the stock’s market capitalization unchanged.

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