Bajaj Finserv is a bright star today morning; rising 5% to an intraday high at Rs.16,850 and is currently hovering around Rs.16,785 levels. Its 52-week high stands at Rs.19,319.95, touched in Sept’21.
The stock price rose after the company fixed September 14, 2022 as the 'Record Date' for the purpose of determining the members, eligible for the sub-division of existing equity shares, and issue of bonus equity shares of the company.
Two days ago, the Board had given its nod for a share split – FV of Rs.5/share to be split into Re.1/share.
Along with this, it had also approved a bonus in the ratio of 1:1.
Explaining the reason behind the stock split, the company said that as and when the stock price rises further, it will be increasingly difficult for small potential shareholders to partake in the company's future. Keeping with the spirit of inclusion and in order to reward the shareholders, the board of directors, approved and recommended the said corporate actions.
At present, individual shareholders make up 98% of the total number of shareholders of the 17.52% public float. Despite the low capital base, its share price is one of the highest.