Shares of MAS Financial Services Ltd. gained as much as 3% on Wednesday before paring gains to end 0.6% higher, in-line with the sell-off in the market. The stock gained after the board recommended a bonus issue of shares in a 2:1 ratio.
This means that the shareholders of the company will receive two bonus shares of face value of ₹10 each for every one share held as on the record date. Record date for the bonus issue of shares has been set as February 22, 2024.
MAS Financial Services crossed ₹10,000 crore in Assets Under Management recently on a consolidated basis.
The Board of Directors are looking to reward shareholders for their loyalty and investment in the financial company, thereby putting forward a bonus share issue, MAS Financial Services said.
The company informed the bourses that the bonus shares will be dispatched to the accounts of those eligible within two months from the date of the Board’s approval, which means on or before March 16, 2024.
Shares of MAS Financial Services ended 0.6% higher at ₹966.
(Edited by : Hormaz Fatakia)
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