Affle India Shares Gain On Board's Nod For Stock Split

Geolocated Ads for Apps by Affle India's app. (Source: Company website)

Affle India Shares Gain On Board's Nod For Stock Split

Shares of Affle India Ltd. gained the most in eight weeks on approval of a stock split proposal.

The adtech company’s board approved splitting of one equity share of face value of Rs 10 each into five of face value of Rs 2 each, subject to shareholders and regulatory approvals, according to an exchange filing. The rationale cited was to facilitate larger shareholder base and aid liquidity.

Affle India Shares Gain On Board's Nod For Stock Split
Affle India Shares Gain On Board's Nod For Stock Split

The record date for sub-division of equity shares is Oct. 8. The stock split is expected to be completed within one-two months from approval of the shareholders.

Shares of the company gained as much as 5.0% to Rs 4,180.45 apiece after the announcement. Of the six analysts tracking the company, four maintained a 'buy' and two suggested a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 40.2%.

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