Wipro to mull bonus share issuance after 5 years; stock gains 3%

Wipro shares in Monday's session (October 14) in early trade zoomed up to 3 per cent to day high of Rs 545.35. The action in the stock has been witnessed after the company's board meeting update. Also, resilience in the IT pack is also pushing stocks in the pack higher.

At the last count, shares of Wipro traded with gains of 2 per cent at Rs 540.15 per share on the BSE.

The stock's 52-week low and 52-week high prices are Rs 375 and Rs 580 apiece, respectively.

In its board update filing on Sunday, the IT services major said, "The Board of Directors of the Company will be considering a proposal for issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, at its meeting scheduled to be held over October 16-17, 2024. This intimation is pursuant to Regulation 29 (1)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The outcome of the Board meeting will be communicated to the stock exchanges soon after conclusion of the Board meeting on October 17, 2024."

As per the company's filing, Wipro's board meeting is scheduled to take place on October 16-17.

Wipro's bonus shares history

As per Trendlyne data, the company since 2004 has announced bonus shares 5 times. The company's last bonus shares was in the ratio of 1:3 and for the same the stock traded ex-bonus on March 6, 2019.