Wipro Ltd. shares are trading ex-bonus on Tuesday. The company's board of directors had approved the bonus share issue in the ratio of 1:1 in October, while fixing Dec. 3 as the record date.
Every eligible Wipro shareholder will receive one additional equity share of face value of Rs 2 for every fully paid-up share they hold.
Wipro, one of India's largest information technology player, has nearly 22.4 lakh shareholders. After the 1:1 bonus share is issued, these shareholders will double their shareholding without any additional investment.
Wipro has issued bonuses to shareholders 13 times previously since 1971. The last bonus issue was approved on Mar. 6, 2019, at a 1:3 ratio.
Shares of Wipro closed 1.24% higher at Rs 585 apiece on Monday, compared to a 0.6% advance in the benchmark Nifty 50. The stock has risen by 43.5% over the past 12 months, and by 31.6% over the last six months.
What Happens If You Are A Wipro Shareholder
To qualify for the bonus issue, investors must acquire Wipro shares at least one day before the record date. Given India's T+1 settlement cycle, shares purchased on the record date (Dec. 3 in this case) itself will not be eligible for the bonus allocation.
Therefore, investors who own shares by Dec. 2 will benefit from the bonus issue.
For example, an investor currently holding 100 Wipro shares will receive an additional 100 shares, resulting in a total of 200 shares post-bonus issue. However, it is essential to note that while the quantity of shares will increase, the total value of the investment will remain unchanged, as the share price will adjust to reflect the increased number of outstanding shares.
This adjustment in share price will happen on Dec. 3 and will reflect on the stock exchanges.
Also Read: AGI Infra Announces Stock Split In 1:2 Ratio
The Securities and Exchange Board of India has reduced the time taken for credit of bonus shares and their trading to two working days, i.e., the T+2 system starting October.
The date of allotment of bonus shares will be the one after the record date (T+1). The shares allotted pursuant to the bonus issue shall be made available for trading on the next working date of allotment, i.e., T+2 day.
In this case, if you are a Wipro shareholder as of Dec. 2., the allotment of bonus shares in your demat account will happen on Dec. 4 (Wednesday) and these will be available for trading on Dec. 5 (Thursday).
Bonus shares are an effective way for companies to reward their shareholders, improve liquidity, and maintain financial flexibility.
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