Share price of Easy Trip Planners gained 2.5 percent on October 10, soon after the board approved bonus issue of 3 shares for every share held as well as approved stock split in the ratio of 1:2.
Both will take effect on or before December 8. Each equity share of face value of Rs 2 will be split into two of face value Re 1 fully paid- up.
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At 11:45 am, the stock was quoting at Rs 412 on the National Stock Exchange. It has gained over 50 percent in 2022 so far.
Explaining the rationale behind the stock split and bonus issue, the company said, “We have grown significantly in terms of business and performance over the years. This is reflected in the share price of the company. Keeping with the spirit of inclusion and in order to reward the shareholders, the board at its meeting held today approved and recommended the said corporate actions.”
The company added that bonus shares will be issued out of free reserves created out of profits of the company available as at March 31, 2022.
The Board has also approved an increase in authorised share capital from Rs 75 crore to Rs 200 crore and alteration in Capital Clause of Memorandum of Association.
In its report released in August this year, Monarch Networth Capital had a buy rating on the stock with a target price of Rs 517.
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