🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

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

Published 02-03-2023, 10:29 am
Updated 02-03-2023, 10:30 am
© Reuters.
ONEW
-

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.