Bajaj Finance shareholders approve stock split, bonus issue

Bajaj Finance today said its shareholders have approved proposals to split its stock in the 1:5 ratio and also to issue bonus shares in 1:1 ratio.

Releasing postal ballot results in this regard, the company said an ordinary resolution has been passed for sub- division of equity shares.

Approval was given "for sub-dividing each equity share of the company having face value of Rs 10 into five equity shares having face value of Rs 2 each fully paid-up on such date as may be fixed by the Board of Directors."

"The sub-divided equity shares shall be credited to the beneficiary accounts of the members, in lieu of the existing credits representing the equity shares of the company before the sub-division," it added.
 

The shareholders also approved the issuance of bonus shares, under which Bajaj Finance will make allotment in the ratio of 1:1.

In a separate regulatory filing, the company said September 10 has been fixed as the record date for determining shareholders eligible for receiving the shares pursuant to the sub-division and to the bonus issuance of shares.

These shareholders would get equity shares of face value of Rs 2 each upon sub-division of equity shares of face value of Rs 10 each, and fully paid up bonus equity shares of face value of Rs 2 each in the proportion of one bonus equity share for every one equity share of face value of Rs 2 (that is as adjusted for sub-division of equity shares).

The company further said it is authorised to make appropriate adjustments, due to the sub-division and the issue of bonus shares, to the 925,000 warrants issued by it to Bajaj Finserv Ltd.

Bajaj Finance stock closed 0.15 per cent up at Rs 10,772 on BSE.

The company shares have appreciated by over 25 per cent from Rs 8,592.10 on July 11, when it had first announced the stock split and bonus issue plans.