Shares of Central Depository Services (India) Ltd. hit an all-time high on Monday after its board approved the issue of bonus shares in the ratio 1:1.
The issuance of bonus shares shall be from capitalisation of free reserves including general reserves and retained earnings of the company on record date Aug. 24, 2024, the company said in an exchange filing.
Post the issuance, the share capital will amount to Rs 209 crore, and the bonus shares are expected to be credited on or before Sept. 1, 2024.
The ex-date for the bonus issue will be Aug. 23, while the record date for the same is Aug. 24.
Shares of the company rose as much as 5.98% to a record high of Rs 2,955 apiece. It pared gains to trade 2.74% higher at Rs 2,863.15 apiece, as of 11:00 a.m. This compares to a 0.02 advance in the NSE Nifty 50 Index.
The stock has risen 56.93% on a year-to-date basis. Total traded volume so far in the day stood at 1.61 times its 30-day average. The relative strength index was at 75.39.
Out of nine analysts tracking the company, three maintain a 'buy' rating, five recommend a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 20.3%.
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