Gruh Finance trades ex-bonus today; stock up 3%

The company had announced a 1:1 bonus i.e. one new bonus equity share of Rs 2 each for every one existing equity share of Rs 2 each for its shareholders.

Shares of Gruh Finance, a subsidiary of HDFC, was up 3% to Rs 351 on the BSE in early morning trade after the stock turned ex-bonus on Wednesday.

The board of housing finance company at their meeting held on April 14, 2018 had announced a 1:1 bonus  i.e. one new bonus equity share of Rs 2 each for every one existing equity share of Rs 2 each for its shareholders. It has set June 7 as the record date for determining the entitlement of members to receive bonus equity shares of the Company.

Gruh Finance outperformed the market by surging 11% since the board had recommended bonus issue. On comparison, the S&P BSE Sensex was up 2% during the same period. The stock hit an all-time high of Rs 368 (adjusted to bonus) on May 31, 2018 in intra-day trade.

At 09:51 am; Gruh Finance was trading 1.6% higher at Rs 346 on the BSE, as compared to 0.26% rise in the Sensex. A combined 214,351 equity shares changed hands on the counter on the BSE and NSE so far.