Affle India shares up 4% after company proposes stock split plan
The adtech firm had announced a board meeting on Tuesday that will approve splitting equity shares to increase affordability and liquidity for small retail investors
Adtech company Affle India shares climbed up 4% to Rs 4,000 on BSE in the intra-day trade on Tuesday, close on the heels of the company announcing its board meeting on August 25. The meeting will discuss and approve splitting the equity shares of the company with approval from the shareholders.
Media reports say that at 9.25 am, the shares were up 2% at Rs 3,940 vis-a-vis the 0.15% rise in the S&P BSE Sensex. This comes after three months of lacklustre performance of the company in the market, falling 24% as against the benchmark index of 10%. Reports say that the company has corrected 36% from its highest at Rs 6,287 on 5 March, 2021.
In a bid to make its stock more affordable to small retail investors and to increase liquidity, Affle has proposed sub-dividing the face value of equity shares from Rs 10 each to a lower denomination. By splitting the stocks, the number of shares of the company may increase but the market cap may remain the same.
