Aastha Spintex shares rise 9% after adjusting for 1:1 bonus issue

As per the latest business developments, Shares of Aastha Spintex rose up to 9 percent on Monday after adjusting for the 1:1 bonus offering.

Shares of the firm quoted at Rs 39.66 per share on the NSE, up 9.08 percent, at around 2:15 pm.

The stock began trading on an adjusted basis for the 1:1 bonus offering on Monday, September 28. The firm's board had announced the bonus offering on September 16.

Under the bonus offering, eligible shareholders will receive one bonus share for every one share held as on the record date, which was set for Monday. Market participants needed to hold the stock in their demat accounts as of Friday's closing to be eligible for the bonus shares.

Those buying shares of the firm on Monday will not be eligible for the bonus offering.

Aastha Spintex shares made a weak market debut in July this year, stock-exchange debut at a discount of more than 4 percent to its initial public offering (IPO) price. The offering, which was open for public subscription between June 29 and July 1, was subscribed 4.64 times.

Shares of Aastha Spintex were listed at Rs 130 per share on the NSE, a discount of 4.41 percent to the IPO price. The Rs 170-crore offering had a price range of Rs 125-136 per share.

The firm manufactures and trades carded, combed and compact combed cotton yarns, cotton bales and related by-products from its integrated spinning and ginning facility at Halvad in Gujarat's Morbi district.