Algoquant Fintech Approves 8:1 Bonus Issue and Stock Split to Enhance Shareholder Value
New Delhi : Financial services segment company Algoquant Fintech has announced a bonus and stock split. The company had informed the stock market on June 30 about the board meeting to be held on Thursday. In the meeting held after the market closed today, approval has been given for corporate action. In Thursday's trading, the company's stock has seen a jump of more than 2.5 percent. The effect of the company's announcement can now be seen in the next session.
The company said in the information sent to the stock market that in the board meeting held on Thursday, July 3, approval has been given for increasing the share capital, bonus and split. According to the company, the record date for these corporate actions will be issued with time.
Managing Director Devansh Gupta said, "The company has decided to divide the shares with a face value of Rs 2 into shares with a face value of Rs 1 each. Along with this, the company has announced the issuance of 8 bonus shares on every share with a face value of one rupee each. That is, the share with the investor with a face value of Rs 2 will turn into 18 shares of Rs 1 after the completion of corporate action. According to the company, the split and bonus shares will be issued within 2 months of getting the necessary approval."
Multibagger Stock Delivers 385% Returns in 3 Years; More Action Expected
In Thursday's trading, the stock closed at 1065 with a gain of 2.6 percent on the BSE. The 3-year return of the stock has been 385 percent. At the same time, the stock has given a return of more than 32 percent in one year. The stock is included in the X group on the BSE and the company's market cap is below Rs 1700 crore. The stock's lowest level of the year is 739. Which was recorded in August last year.
Established in 2018, the company is a SEBI registered Stock Broker trading on all major stock exchanges including NSE and BSE, headquartered in New Delhi with offices in Bangalore, Mumbai, Ahmedabad, Kolkata, Ghaziabad and GIFT City (Gandhi Nagar).
The company deals in algorithms and trades in ultra low latency systems with in house softwares having more than 500 employees with key tech staffs hired from IIT’s and senior management from Ex Goldman Sachs, Graviton Research Capital, AlphaGrep and Deutsche Bank.
The company is among the few listed algo trading firm in India with Revenue and Net Profit increasing year on year.
