8K Miles Software trades ex-stock split, bonus; stock up over 10%

The stock rallied 12% at Rs 840 in intra-day trade after the stock turned ex-bonus and ex-stock split.

8K Miles Software Services has rallied 12% at Rs 840 on the BSE in intra-day trade after the stock was traded ex-bonus and ex-stock split on Monday, October 10, 2016.

The company engaged in internet software & services business has fixed October 13, 2016 as the record date for the purpose of ascertaining the eligibility of the shareholders entitled for equity shares of the face value of Rs 5 each in lieu of the equity shares of the face value of Rs 10 each after the sub-division of the face value of the same and fully paid up bonus equity shares of face value of Rs 5 each in the proportion of one bonus equity share for every three equity shares of face value of Rs 5/- (i.e. as adjusted for sub-division of equity shares).

The board of directors of 8K Miles Software in their meeting held on August 24, 2016,  had approved split of every 1 (One) equity share of the company having face value Rs 10 each into 2(Two) equity shares of face value Rs 5 each.

The board also approved issue of bonus equity shares in the ratio of 1:3, i.e. 1 (One) bonus share for every 3 (Three) existing fully paid-up equity shares of face value of Rs 5 each of the company by way of capitalization of free reserves.

At 11:05 am, the stock was up 11% at Rs 838 on the BSE. The trading volumes on the counter more than doubled as compared to before stock split and bonus. A combined 204,869 shares changed hands on the counter on the BSE and NSE so far.