Nykaa Shares Rally After Bonus Share Issue Is Approved
Shares of FSN E-Commerce Ventures Ltd., the operator of the fashion products platform Nykaa, gained as much as 11% after the company's board approved a bonus share issue.
Nykaa has approved a bonus share issue of five new shares each for one held by the shareholders, according to an exchange filing.
The company had on Sept. 29 said they would consider a bonus issue.
The company has also moved to reclassify its authorised share capital from Rs 325 crore comprising 275 crore equity shares of Re 1 each and 50 crore preference shares of Re 1 each to Rs 325 crore comprising 325 crore shares of Re 1 each.
The Falguni Nayar-led online cosmetics retailer set Nov. 3 as the record date for the purpose of determining members eligible for bonus equity shares. Further, the issuance of bonus shares will be out of the company's securities premium account available.
The stock jumped as much as 11.15%, the most since May 16 this year after the announcement. It ended 2.6% at Rs 1,305.5 apiece on Monday.
Of the 16 analysts tracking the company, 11 maintain a 'buy', four suggest a 'hold' and two recommend a 'sell', according to Bloomberg data. The return potential of the stock is 26.3%. Total traded volume is 7.4 times the 30-day average.
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