Nykaa shares zoom after 5:1 bonus issue announcement

The company has fixed Thursday, November 03, 2022, as the record date for the purpose of determining members eligible for bonus equity shares.

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Shares of FSN E-Commerce Ventures, which runs Nykaa marketplace, soared on October 3 after the company announced a bonus issue of equity shares.

Nykaa said it will issue shares in the proportion of five shares for every one share held by the shareholders of the company as on the record date. The issue is subject to shareholders’ approval by way of postal ballot.

The company has fixed November 3 as the record date for the purpose of determining members eligible for the bonus equity shares.

The stock traded up 8 percent to Rs 1,370 on BSE following the announcement.

The company said it has proposed to issue 2,37,27,61,850 equity shares of face value of Re 1 each to its shareholders. Though the actual number of bonus equity shares to be issued will be determined based on the paid-up share capital as on the record date.

Bonus issues do not impact fundamentals of a company. It just increases the number of outstanding shares and in turn the price of a single share is adjusted accordingly.

The stock has performed poorly so far this year. Despite today’ jump, it is down 35 percent in the current calendar year. Analysts have also been cautious on the stock.

ICICI Securities that has a ‘hold’ rating on the stock said though Nykaa continues to present a combination of: largest beauty and personal care (BPC) business in a growth market and good profitability metrics, competition will likely intensify from both vertical and horizontal peers working against the company.

“While we expect BPC revenues to grow, we believe Nykaa’s journey could be different – it will have to go more mainstream to drive this growth,” the broker said.

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