Shares of the IT giant rose over 2 percent to hit a fresh 52-week high of Rs 386.70 on NSE in early trade on Monday, its highest in 19 years. The rise in stock value comes a day after the company said that it has received approval to increase its authorized share capital and issue bonus shares from a majority of its shareholders. Wipro Ltd on Sunday notified the results of the postal ballot in its filing to the stock exchanges.
The Bengaluru-based IT services major had announced in January that its board had approved the issue of one bonus share to shareholders for every three held by them.
March 7 is the record date fixed by the board of directors to determine the eligible shareholders that are entitled to receive the bonus equity shares (including stock dividend on ADS).
After the approval from shareholders, Wipro's authorized share capital would stand to increase from Rs 1,256.50 crore to Rs 2,526.50 crore by creating an additional 700 crore equity shares at the price of Rs 2 each.
The shareholders also approved the scheme of amalgamation of Wipro Technologies Austria GmbH, Wipro Information Technology Austria GmbH, New Logic Technologies SARL, and Appirio India Cloud Solutions.