Shares in 360 ONE WAM – formerly known as IIFL Wealth – traded ex-split and ex-bonus on Thursday. The 360 ONE WAM stock finished the day 0.5 per cent weaker at Rs 440.1 apiece on BSE, having surged as much as 10.5 per cent to Rs 488.7 apiece on BSE during the session.

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360 ONE WAM shares gyrated in a range of almost Rs 53 around the flatline, see-sawing between Rs 436 and Rs 488.7 through the day. The stock saw a multi-fold jump in volumes owing to the share split, as a total of 16,000 shares in 360 ONE WAM changed hands on BSE as against a daily average of 3,098 in the past two weeks, according to exchange data. 

360 ONE WAM bonus issue and share split

In January, the company's board gave nod to issuance of bonus in the ratio of 1:1 — meaning one share would be issued against one share held. It also approved splitting of the stock in the ratio of 1:2 — meaning each equity share would become two. 

What is a stock split and what does the record date mean?

A stock split — or share split — is a common corporate action a listed company can take to increase liquidity in its total equity. A record date is the date that determines which investors are eligible to receive new shares for such corporate action.

The issuance of bonus shares, which in effect also leads to reduced value of each share, also makes a stock more affordable for investors. This kind of corporate action also enhances the liquidity.

360 ONE WAM dividend

Also in January 2023, 360 ONE WAM announced a dividend, of Rs 17 per equity share. With that, the company has taken the number of dividends to 10 since October 31, 2019.

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