GIC Re trades ex-bonus in ratio of 1:1

Shares of  state-owned reinsurance company General Insurance Corporation of India, or GIC Re have slipped 4.5% to Rs 365 per share on the National Stock Exchange (NSE) in otherwise firm market. On the BSE, the stock hit a low of Rs 321 in intra-day trade, its lowest level since listing on the bourses on October 25, 2017.

The stock of GIC RE turned ex-bonus in the ratio of 1:1 and for dividend of Rs 13.50 per equity share.

The board of directors of the company in its meeting held on May 25, 2018, had recommended capitalization of reserves and issue of fully paid bonus shares in the ratio of 1 bonus equity share of face value of Rs 5 each for 1 existing equity share held on the record date.

The company has fixed July 14,2018 as the record date for the purpose of taking record of eligible/beneficial owners for payment of equity dividend and also who are entitled for receipt of bonus shares.

Since listing, GIC Re has underperformed the market by falling nearly 15% against 10% rise in the S&P BSE Sensex.

The stock finally settled 3% lower at Rs 372 on the BSE, as compared to 0.78% gain in the benchmark index. On the NSE, it ended down 1.4% at  Rs 370. A combined around 120,000 equity shares changed hands on the counter on the BSE and NSE today.