Nykaa board approves 5:1 bonus shares issue; stock surges 8%

Shares of FSN E-Commerce, the parent company of Nykaa, rallied 11% to the day’s high price of Rs 1,414 on Monday after the company announced a 5:1 bonus share issue.

The consumer technology platform, at its board meeting held today, approved bonus share issuance. In the filing with the exchanges, the company said, its board has approved “bonus issue of equity shares in the proportion of 5 fully paid-up equity share of Re 1 each for every 1 fully paid-up equity share of Re 1 each held by the shareholders of the company as on the record date, subject to shareholders’ approval by way of postal ballot”.