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- ByStartupStory | April 26, 2023
IndiaMART InterMESH announced on Tuesday (April 25) that its board of directors will discuss a proposal for the issuance of bonus shares at an upcoming board meeting on April 28. On the same day, the B2B marketplace will release its financial results for the quarter and year ended March 2023. In a filing with the exchange, IndiaMART stated that the proposal for the issuance of bonus shares will be considered by the board, subject to the approval of the company’s shareholders at the aforementioned meeting.
For those unfamiliar with the term, bonus shares are additional shares that a company issues to its shareholders in proportion to their existing shares. This helps to increase retail investor participation by reducing the price of shares. In recent times, many tech startups have opted to issue bonus shares, with Nykaa and EaseMyTrip doing so in 2022. However, IndiaMART stands out from most of the other listed new-age tech startups as its shares are currently trading above their listing and issue price.
IndiaMART InterMESH, a B2B marketplace, has announced that its board of directors will consider the issuance of bonus shares at the upcoming board meeting on April 28. Bonus shares are additional shares issued by a company to its shareholders in proportion to the shares held by them. IndiaMART has strong fundamentals and continues to post better results than other listed new-age tech companies. In Q3 FY23, the company reported a 61% YoY increase in its consolidated net profit to INR 113 Cr and a 31% YoY growth in operating revenue to INR 251 Cr. IndiaMART, founded in 1996 by Dinesh Agarwal and Brijesh Agarwal, went public in 2019 and helps to connect enterprise buyers with suppliers.
IndiaMART InterMESH witnessed a decline of about 33% in its share price in 2022, due to the global economic slowdown, but has shown a 23% rise in its share price this year. As of the end of the trading session today, IndiaMART’s shares were trading 2.2% higher at INR 5,320.10 on the BSE.
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