Multibagger stock: This company announces split, bonus issue - Check Details

Shares of Bharat Global Developers (BGDL) were locked in a 5 per cent upper circuit today. The counter opened at Rs 1,210.40 and gained further to touch the high of Rs 1,270.90. The surge in share price comes as the company has informed exchanges that its board has approved a stock split and bonus share issuance.

Issue of Bonus Shares 

According to an exchange filing, the board of directors of the company has approved the issue of bonus shares in the ratio of 8:10. This means that those who possessed shares in the ratio of 10 after the split would be issued 8 more post areas. However, the bonus issue of equity shares is subject to the approval of the shareholders.

Sub-Division of Equity Shares

The Board has also approved a 1:10 stock split, wherein each equity share with a face value of Rs 10 will be sub-divided into 10 equity shares with a face value of Re 1 each.

BGDL Share Price History

The computer hardware and equipment company has given a multibagger return of 5789.25 per cent in one year and 8190.28 per cent in two years. On a YTD basis, the stock has surged 2184.15 per cent.

Meanwhile, Equity benchmark indices Sensex and Nifty bounced back in early trade on Tuesday after days of downtrend on value-buying at lower levels along with buying in blue-chip stocks Reliance Industries and Tata Consultancy Services.

Firm global trends and continuous buying by domestic institutional investors also added to the markets' rebound.

The BSE benchmark Sensex jumped 591.19 points to 77,930.20 in early trade. The NSE Nifty surged 188.5 points to 23,642.30.

From the 30-share Sensex pack, Mahindra & Mahindra, Adani Ports, Tata Motors, Infosys, Tata Consultancy Services, UltraTech Cement, Tech Mahindra and Reliance Industries were the biggest gainers.

Bajaj Finserv and Kotak Mahindra Bank were the laggards.