IndiaMart Intermesh spurts on first-ever bonus issue announcement

A bonus issue is an offer given to the existing shareholders of the company to subscribe for additional shares

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IndiaMart Intermesh shares jumped over 2 percent in late afternoon trade after the company informed exchanges that it will consider the proposal for issue of bonus shares in a board meeting on April 28.

If the Board approval comes through, this is will the company’s first-ever bonus share issue. At 2:30 pm, the stock was quoting at Rs 5,327 on the NSE, higher by 2.3 percent from previous close.

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A bonus issue is an offer given to the existing shareholders of the company to subscribe for additional shares. The number of shares increases, but the value of the investment remains the same.

On the same day, i.e. April 28, IndiaMart Intermesh will also come out with its Q4 results as well as announce dividend.

The stock is currently trading 4.5 percent below its 52-week high of Rs 5,565. It has gained over 23 percent in 2023 so far on the back of strong performance in Q3.

For the quarter ended December 2022, the B2B ecommerce company reported a 60.68 percent rise in its consolidated net profit to Rs 112.8 crore. Its consolidated revenue for the quarter jumped 33.65 percent to Rs 251.4 crore.