Wipro rallies 5% after stock adjusts for bonus issue

Wipro shares rallied 4.7 percent in morning on Wednesday after the stock adjusted for bonus issue which means it started trading ex-bonus.

The stock was quoting at Rs 282.00, up Rs 9.30, or 3.41 percent on the BSE, at 10:20 hours IST.

In January, the IT firm recommended the issue of bonus equity shares in the proportion of 1:3, that is one bonus equity share of Rs 2 each for every three fully paid-up equity shares held and a bonus issue [stock dividend on American Depositary Share (ADS)] of one ADS for every three ADS held, as on the record date.

The record date for the issue of bonus shares is fixed as March 7, to determine eligible shareholders entitled to receive the bonus equity shares (including stock dividend on ADS).

The adjustment factor in case of Wipro is 1.3333 and the revised market lot for futures & options segment is 3,200 shares. First Published on Mar 6, 2019 10:31 am