Affle India's stock rose 4% to Rs 4,000 on the BSE in intraday trade on Tuesday after the business stated that a board meeting will be held on August 26, 2021, to evaluate and approve a split of the firm's equity shares, subject to shareholder approval.
At 10.12 am on NSE, the stock was trading at Rs 3,890, up 1.40%. It hit an intra-day high of Rs 3,998 during the trade. On BSE, it touched an high of Rs 4000 during the trade.
According to the plan, Affle will reduce the face value of equity shares from Rs 10 to a lower denomination in order to make the stock more accessible to small retail investors and boost liquidity.
The term "stock split" refers to the division of the face value of a company's shares. When a firm declares a stock split, the number of shares issued increases, but the market capitalization remains unchanged. Existing shares are split in half, but the underlying value is unchanged. The price per share decreases as the number of shares grows.
Affle, a leading adtech firm in India, offers end-to-end mobile advertising solutions to marketers through its patented mobile audience as a service (MAAS) platform. Consumer platform and enterprise platform are the company's two major sectors. Through relevant mobile advertising, the consumer intelligence platform drives customer engagement, acquisitions, and transactions for leading brands and B2C businesses.
According to the company's shareholding pattern declared on June 30, 2021, promoters owned 59.89% of Affle. Foreign portfolio investors held 18.25 percent of public stock, followed by individual shareholders (8.85 percent) and mutual funds (8.85 percent) (5.66 per cent).