 "Tech Mahindra turns ex-bonus, ex-stock split")
Shares of Tech Mahindra were trading almost flat at Rs 699 on the National Stock Exchange (NSE) after the stock turned ex-bonus and ex-stock split today.
The board of directors of the company at its meeting held on January 30, 2015 had approved for issue of ONE bonus equity share for every ONE equity share and also approved the stock split of equity shares from the face value of Rs 10 per equity share to Rs 5 per equity share, held as on a record date.
The company has fixed March 20, 2015 as record date for the purpose of ascertaining the entitlement of the members for the issue of bonus shares and subdivision of the shares in the ratio of 2:1.
Tech Mahindra said the board approved the issuance of bonus shares and stock split in order to increase the liquidity of its shares.
The stock opened at Rs 695 and touched a low of Rs 686 on the NSE so far. Till 0944 hours, a combined 793,950 shares changed hands on the counter on the NSE and BSE.
The board of directors of the company at its meeting held on January 30, 2015 had approved for issue of ONE bonus equity share for every ONE equity share and also approved the stock split of equity shares from the face value of Rs 10 per equity share to Rs 5 per equity share, held as on a record date.
The company has fixed March 20, 2015 as record date for the purpose of ascertaining the entitlement of the members for the issue of bonus shares and subdivision of the shares in the ratio of 2:1.
Tech Mahindra said the board approved the issuance of bonus shares and stock split in order to increase the liquidity of its shares.
The stock opened at Rs 695 and touched a low of Rs 686 on the NSE so far. Till 0944 hours, a combined 793,950 shares changed hands on the counter on the NSE and BSE.