Nykaa Jumps on Upcoming Bonus Share Issue Proposal; Upto 111% Upside Expected

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Nykaa Jumps on Upcoming Bonus Share Issue Proposal; Upto 111% Upside Expected
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the online cosmetic brand Fsn ECommerce Ventures Ltd (NS: FSNE ) gained 2.5% to Rs 1,310 apiece at the time of writing and jumped 6% to Rs 1,350 apiece in early trade on Thursday, in response to the company’s announcement of considering a bonus share issue at the upcoming board meeting next week.

FSN E-Commerce Ventures, the parent company of Nykaa informed the stock exchanges in a regulatory filing on Wednesday that its board of directors will consider and approve the issuance of bonus shares to its shareholders, at a meeting scheduled for Oct 3, 2022.

As per the filing, Nykaa's board of directors will issue the bonus shares at a ratio deemed fit by them and seek approval from shareholders through a postal ballot.

The upcoming corporate announcement at the board meeting next week shall be Nykaa’s maiden bonus issue. The unicorn company debuted on the Indian bourses on Nov 10, clocking a 78% premium on listing, compared to an issue price of Rs 1,125/share.

As per Trendlyne data, a total of 16 analysts cover the new-age digital stock, of which 14 have a ‘Buy’ call on the stock with the highest target price of Rs 2,750/share, an upside of 110.7% compared to the current price. 

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