Financial services company Karnavati Finance, which has given multibagger returns to investors in just six months, will trade ex-split on February 24. The company had earlier announced to split its shares in the proportion of 1-to-10.
Stock split is usually done to increase the liquidity of the stock in the market. On the ex-split date, investors who are holding the stock until the record date will receive the new shares in demat accounts and the stock price will be adjusted according to the split ratio.
The company has fixed February 24 as the record date for the purpose of determining the eligibility of shareholders for the proposed stock split.
The smallcap company, with a market cap of Rs 182.66 crore, provides diversified financial services such as end-to-end lending, financing and wealth management solutions. The company offers customized solutions in areas of personal and business loans, loan against property, gold loan, digital lending, micro finance, corporate finance, mortgages, capital market based lending and many other financial areas.
Karnavati Finance has recently reported its financial results for the third quarter that ended December 2022. Net profit for the period stood at Rs 28 lakh, compared with a net loss of Rs 64 lakh in the corresponding period of last year. The company had posted a net profit of Rs 70 lakh in the September quarter.
Meanwhile, revenue from operations for the December quarter nearly doubled to Rs 73 lakh as against Rs Rs 38 lakh in the same quarter of last year. In the preceding September quarter, revenue stood at Rs 1.17 crore.
The interest income rose to Rs 61.22 lakh for the reporting quarter as compared to Rs 30 lakh in the year-ago period.The company’s stock has risen over 500% in the last six months and surged about 640% in the last one year period. So far this year, it is up about 5.09%.
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