Multibagger Update: Board of this housing finance company has declared record date for bonus issue and share split!

Heavy buying interest has been witnessed in this counter over the last three months as the stock has surged ~45 per cent. The scrip has skyrocketed 149.34 per cent year-to-date.

Star Housing Finance Limited (Star HFL), a rural-focused housing finance company, has received the members’ consent for a bonus issue at its shareholder’s meeting held on December 6, 2022. The shareholders have also approved the proposal to split the company’s shares. The board of directors of the company has fixed December 16, 2022 as the record date for the purpose of bonus issue and share split.    

The members of the company approved a bonus issue in the ratio of 1:1 i.e. one new bonus equity shares for every one existing fully paid-up equity share and subdivision of the company's one equity share of the face value of Rs 10 each into two equity shares of the face value of Rs 5 each.    

To quote Ashish Jain, Managing Director of Star HFL said, “Star HFL board has declared December 16, 2022 as the record date for subdivision and bonus for shareholders. This action is consistent with our philosophy of creating sustainable & long-term value for our stakeholders. We thank our shareholders who have reposed trust in the company and the management team. Star HFL team looks forward to continue its growth journey to become a Systemically Important HFC as the first milestone.”    

On Wednesday, the shares of Star Housing rallied more than 4 per cent, recording an intra-day high of Rs 222 per share on the bourses. The stock’s 52-week high stands at Rs 226.70.     

Heavy buying interest has been witnessed in this counter over the last three months as the stock has surged ~45 per cent. The scrip has skyrocketed 149.34 per cent year-to-date.      

Investors should keep this buzzing multibagger Small-Cap housing finance stock on their radar!