Easy Trip Planners rallies over 6% on bonus issue, stock split announcement

10 Oct 2022 , 12:40 PM

Easy Trip Planners‘ counter jumped as much as 6% to Rs428 in intraday trade on Monday after the company announced a bonus issue of three shares for every one share owned, i.e., a 3:1 ratio, and a stock split in the ratio of 1:2.

The company stated that the board has approved the sub-division/split of each existing equity share having a face value of Rs2 into two equity shares of a face value of Rs1 fully paid-up, and the issue of three bonus equity shares for every one fully paid-up equity share (3:1) in its meeting held on October 10, 2022.

The company also highlighted that authorised share capital will be increased to Rs200 crore from Rs75 crore, subject to the approval of shareholders and necessary filings.

The firm stated in its explanation for the split and issuance of bonus shares, “As and when the stock price increases further, it will become increasingly difficult for small potential owners to participate in the company’s future. In keeping with the ethos of inclusivity and to reward shareholders, the board of directors authorised and proposed the aforementioned business actions during its meeting today.”

At around 12.42 PM, Easy Trip Planners was trading 1.63% higher at Rs408.85, against previous close of Rs402.65 on NSE. So far, the counter hit intraday high of Rs428.

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