Pilani Investments surges 14%, hits 34-month high ahead of 2:5 bonus issue

Shares of Pilani Investments and Industries Corporation soared 14 per cent to hit 34-month high of Rs 2,870 on the BSE in intra-day trade on Monday ahead of 2:5 bonus issue.

The stock will turn ex-date for bonus shares on Thursday, December 31. The stock was trading at its highest level since February 2018.

The company has fixed Saturday, January 2 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus shares of the company in the ratio of 2:5 i.e. 2  equity shares for every 5 existing equity shares.

Pilani Investment is an investment company registered with Reserve Bank of India (RBI) as a non- banking financial company.

In the past three months, the stock has outperformed the market by zooming 82 per cent, as compared to a 25 per cent gain in the S&P BSE Sensex. It hit a record high of Rs 3,310 on September 21, 2017.

At 01:51 pm, the stock was up 10 per cent at Rs 2,770 on the BSE, against a 0.77 per cent gain in the S&P BSE Sensex. A combined 34,000 equity shares changed hands on the counter on the NSE and BSE.