Board of AMC company fixes new record date for 2:3 bonus shares
With a market valuation of ₹19.68 Cr, Escorp Asset Management Ltd. is a small cap company that operates in the financial services sector.
With a market valuation of ₹19.68 Cr, Escorp Asset Management Ltd. is a small cap company that operates in the financial services sector. The company is a subsidiary of Aryaman Financial Services Limited, the Aryaman Group's flagship firm. The Aryaman Group is a participant in the financial services industry with operations in equity investments, corporate advisory, stock broking, and money markets. The company's Board of Directors had previously set September 5, 2022, as the record date for the purpose of the 2:3 bonus shares, but on Friday the company revised this to September 6, 2022.
The Board of Escorp AMC said on 26th August 2022 in a stock exchange filing that “In compliance with Regulation 42(2) & (3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed September 06, 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the proportion of 2:3 i.e 2 (two) fully paid up equity shares for every 3(three) existing fully paid up equity share held, as approved by shareholders at the Annual General Meeting held today (i.e August 26, 2022)."
On Friday, the shares of Escorp AMC closed at ₹29.50 apiece, up by 19.92% from the previous close of ₹24.60 on the BSE. In the last 5 years, the stock has given a return of 96% and in the last 3 years, the stock has gained over 80%. In the last 1 year, the stock has gained 63%. On the BSE, the stock had touched a 52-week-high of ₹29.50 on (02/08/2022) and a 52-week-low of ₹16.50 on (18/08/2021) indicating that at the current share price of ₹29.50, the stock is trading 78.78% above the low. The stock has a book value per share of ₹51.14 which indicates that at the current market price the stock is trading 0.57 times its book value. At a price to book value (P/B) of 0.57, the stock can be considered undervalued relative to its peers such as Muthoot Finance, HDFC AMC, Bajaj Holdings, SBI Cards, Bajaj Finserv, Bajaj Finance and Cholamandalam Investment & Finance Company Ltd.
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