Shares of Safari Industries are trading ex-bonus today. The stock surged up over 10% on Tuesday morning to hit an intraday high of ₹2,217.85.
What Happened: The company in November announced a bonus issue in the ratio of 1:1, which means that for every share held by eligible investors, the company will issue one additional or extra share. The record date for determining the eligibility of shareholders for the bonus issue was set as December 12. Shareholders holding shares as of this date will be entitled to receive the bonus shares.
The luggage manufacturer will issue 2.37 crore bonus shares of face value of ₹2 each to eligible shareholders as of the record date. As a result of the stock trading ex-bonus.
In the September quarter, Safari Industries’ profit grew 53.7% on a year-on-year basis reaching ₹39.8 crore. The company also reported a substantial 18% increase in revenue compared to the previous year, reaching ₹370 crore.
On a year-to-basis, the Ashish Kacholia-backed stock has surged up over 44%. He owns a 2.10% stake in the company, worth around ₹110 crore.
Price Action: Safari Industries’ share price was up 11.28% to trade at ₹2,190.20 in early trade on Tuesday.
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