Shares of Affle India Ltd. gained the most in eight weeks on approval of a stock split proposal.
The adtech company's board approved splitting of one equity share of face value of Rs 10 each into five of face value of Rs 2 each, subject to shareholders and regulatory approvals, according to an exchange filing. The rationale cited was to facilitate larger shareholder base and aid liquidity.
The record date for sub-division of equity shares is Oct. 8. The stock split is expected to be completed within one-two months from approval of the shareholders.
Shares of the company gained as much as 5.0% to Rs 4,180.45 apiece after the announcement. Of the six analysts tracking the company, four maintained a 'buy' and two suggested a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 40.2%.
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