Aastha Spintex shares jump 7% after adjusting for 1:1 bonus - All you need to know

Shares of Aastha Spintex Ltd., a recent listing on Dalal Street, began trading adjusted for the 1:1 bonus issue on Monday, September 28. The company's board had announced the bonus issue of shares on September 16.

This means that eligible shareholders will receive one bonus share for every one share that they own as on the record date, which had been fixed for today. One would need to have the stock in their demat account as on Friday's closing to be eligible for the bonus shares.

Those who buy shares of the company today, will not be eligible for the bonus issue.

This is the first instance of the company announcing a bonus issue of shares, within three months of going public.

Aastha Spintex was a mainboard IPO worth ₹170 crore, which was a complete fresh issue of shares. Subscription was led by the institutional and non-institutional investors, with the NII portion being subscribed 8.3 times during the bidding period, while that for Qualified Institutional Bidders was subscribed 3.59 times.

The portion reserved for retail shareholders was also subscribed 2.54 times. Based on the recent shareholding pattern of the company uploaded on the exchanges, over 46,000 small retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 21.96% stake in the company. Retail shareholders with authorized share capital of above ₹2 lakh, had a 14.28% stake.

While Mutual Funds do not have any exposure to the stock, Alternative Investment Funds (AIFs) have a 2.32% stake in the company, with RGSL Investment Fund owning 1.48%. Promoters of the company had a 53.21% stake.

Aastha Spintex's shares had listed at a 4.4% discount to its issue price of ₹136 per share.

Over the last four trading sessions, the stock has only operated in circuit limits. On September 22 and 23, the stock ended in a 10% upper circuit, while over the next two days, September 24 and 25, the stock was locked in a lower circuit of 10% as well.

The stock is now down 47% from its issue price, and has mainly operated in circuit filter limits of 5%, 10% and 20%.