Board of AMC stock fixes record date for 2:3 bonus shares: Details inside

Escorp Asset Management Ltd as the name suggests is an asset management company having a market cap of 13.67 Cr. In a meeting conducted on June 10, 2022, the board of directors of Escorp Asset Management Ltd. approved the issuing of 2:3 bonus shares. Recently, the Board of Directors of the company has fixed record date for bonus shares in order to determine the eligibility of the shareholders for the purpose of the same.

The Board of the company have said in an exchange filing that “In compliance with Regulation 42(2) & (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Company has fixed Monday, 25th July, 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the proportion of 3 (three) fully paid-up equity shares for every 2 (Two) existing fully paid-up equity share held subject to the approval of shareholders which is being obtained through Postal Ballot process.”

On the BSE, the shares of Escorp Asset Management closed at 20.50 level, up by 19.88% from its previous close of 17.10. On the BSE, the stock had touched a 52-week-high of 23.80 on 11/01/2022 and a 52-week-low of 16.50 on 23/07/2021 which indicates that at the current market price the stock is trading 13.86% below the 52-week-high and 24.24% above the 52-week-low. On the BSE, the last traded volume was 8,000 shares on Friday. The company’s book value per share is 37.0, implying that the stock is now trading at a P/B of 0.55 times its book value at the current market price. The company’s net profit margin for the three months ending March 2022 was 93.94 per cent, the highest level since March 2013, and return on equity (ROE) was 17.16 per cent. For the quarter that ended in March 2022, the company’s EV/EBITDA ratio was 1.35x, the lowest level since March 2018. This ratio is an indicator that a stock may be undervalued in comparison to its competitors, including HDFC AMC, Muthoot Finance, Bajaj Holdings, SBI Cards, and Bajaj Finserv.

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