Indian jewelry company, Kenvi Jewels, has decided to issue bonus shares and divide its existing shares into 10 pieces.
The company has announced that it will give one bonus share to qualified investors for every four shares held.
The record date for the stock split and bonus share allotment has been set for May 19, 2023.
The face value of each share, currently less than Rs 120 in the stock market, is Rs 10.
The company’s decision was announced following a board meeting and comes ahead of the release of its fourth quarter results.
Shares of Kenvi Jewels fell by 5 percent on Friday following the announcement, bringing the share price down to Rs 118.40.
Despite the dip, the company has provided over 50 percent returns to positional investors in the last month and a return of 168 percent for those who held bets on the company six months ago.
Investors who have held their shares for a year have seen a return of 355 percent.
Investors should keep an eye on Kenvi Jewels and its stock performance in the coming weeks as the record date for the stock split and bonus shares approaches.
