Shares of Indian Energy Exchange NSE 5.18 % (IEX) rose nearly 15 per cent in Friday’s session as investors looked to buy the stock ahead of the record date of its two-for-one bonus share issue.
At 10.50 am, the scrip was trading at Rs 263.85 on the BSE, up 8.58 per cent. It rose 14.69 per cent in trade to intra-day high of Rs 278.70 on BSE.
The stock was trading ex-bonus issue in today’s trade ahead of the record date on Monday to consider eligibility of shareholders for the bonus share issue.
However, investors who buy the shares of the company today will not be eligible for the bonus issue as the shares purchased today will not be credited to their dematerialized account till Tuesday.
Last month, the company’s board had approved the issue of two bonus shares for every one share held by investors in the company.
Shares of Indian Energy Exchange have been one of the poster boys of the current bull market on the back of improving regulatory environment for power trading in India and surge in trade volumes for the exchange.
The stock has also been a favourite among retail investors whose stake in the company has risen to 19.2 per cent at the end of September quarter from 9.2 per cent a year ago.