By Malvika Gurung
Investing.com — Shares of the online cosmetic brand Fsn ECommerce Ventures Ltd (NS:) gained 2.5% to Rs 1,310 apiece at the time of writing and jumped 6% to Rs 1,350 apiece in early trade on Thursday, in response to the company’s announcement of considering a bonus share issue at the upcoming board meeting next week.
FSN E-Commerce Ventures, the parent company of Nykaa informed the stock exchanges in a regulatory filing on Wednesday that its board of directors will consider and approve the issuance of bonus shares to its shareholders, at a meeting scheduled for Oct 3, 2022.
As per the filing, Nykaa’s board of directors will issue the bonus shares at a ratio deemed fit by them and seek approval from shareholders through a postal ballot.
The upcoming corporate announcement at the board meeting next week shall be Nykaa’s maiden bonus issue. The unicorn company debuted on the Indian bourses on Nov 10, clocking a 78% premium on listing, compared to an issue price of Rs 1,125/share.
As per Trendlyne data, a total of 16 analysts cover the new-age digital stock, of which 14 have a ‘Buy’ call on the stock with the highest target price of Rs 2,750/share, an upside of 110.7% compared to the current price.
