Jet Freight Logistics board approves stock split; Stock gains 1%

15 Mar 2022 , 01:01 PM

The Board of Jet Freight Logistics Ltd, an end-to-end logistics company has approved on February 14, 2022, a Stock Split of every one Equity Share of the face value of Rs10/- each into two Equity Shares of the face value of Rs5/- each. Shareholders on the Record date will get two shares of Rs5 Face value in their accounts for every one share of Rs10 Face Value.

The company’s share price on the BSE was Rs66.90 at the close of trade on March 15, 2022. Its price at the same point in time was Rs67.00 on the NSE.

At around 1.36 pm, Jet Freight Logistics Limited was trading at Rs67.70 per piece up Rs0.75 or 1.12% on the BSE.

Commenting on the stock split, Richard Theknath, Chairman and MD, said, “We have moved to the Main Board of the exchanges in December last year. Being on the main board, it significantly increases access to equity analysts/ institutional investors and the pool of investors undergoes a sea change quantitatively and qualitatively. One of the critical features of attracting institutional investors and equity research coverage is the availability of sufficient float and liquidity. This is one of the key reasons for the stock split. Shareholders are central to us, and shareholder value is a key matrix in our growth. The stock split is part of an ongoing endeavor to enhance shareholder value.”

“India’s logistics is transforming rapidly into platform driven/ aggregator driven business. We want to be in the forefront of this technology driven logistics revolution and leverage our strengths to have key footholds in both B2B and B2C. It will be our endeavor to share the fruits of our growth and the exponential opportunity India provides for logistics with our shareholders,” he added.

The company is undergoing business transformation which will bring multi-dimensional growth in the business, digitize the operational process and optimize operating costs. Jet Freight is also focused on advancing the “Jet Freight” app, a technology driven application accessible to clients for integrated logistics solution.