The shares of Wipro, an Indian corporation, have soared by 4.65 per cent on Wednesday. The leap in the shares is viewed following the scrip changed ex-bonus in 1:3 ratio, as reported by the Indian daily news, The Economic Times.
In the early session, the scrip was hit a higher price amounting INR 285.40 as the shares leapt upward by 4 per cent.
In February, the stakeholders have consented Wipro for the issuance of bonus shares and increment in the share capital. The company has finalized March 7 as the date to find out appropriate shareowners under the new bonus share of 1:3.
Back in January, the board of Wipro has consented issuance of bonus shares. Under the new bonus shares, the shareholders who are holding three shares will be given an additional one share in the company.
"Resolutions have been approved by members with the requisite majority and shall be deemed to have been passed on February 22, 2019, being the last date of receipt of postal ballot forms/e-voting, said Wipro, as reported by the Indian daily news, The Economic Times.
As a result, the authorized share capital of the company has soared to INR 2,526.50 crore from the earlier INR 1,126.50 crore by the formation of 700 crore additional equity shares, apprised Wipro, as reported by the Indian daily news, The Economic Times.
After the onset of 2019, in Januarys filing, Wipro apprised that the company had a consolidated amount of INR 46,847.9 crore in December 2018m after congregating free reserves, capital redemption reserve account and securities premium account.