Rights issue, reverse stock split: Shares of Ola Electric Mobility Ltd and AvenuesAI Ltd will remain in action during Monday, October 12, trading session due to their upcoming corporate actions. These two firms have fixed record dates for rights issue and consolidation of shares, which is also called reverse stock split.
The two firms have fixed Tuesday, October 13, as the record date for the corporate actions. An investor must own a stock before the record date to qualify for any developments. This effectively makes, Monday, October 12, as the last day to qualify for right issue and reverse stock split.
Last chance to buy today to qualify
Investors must buy Ola Electric Mobility Limited and AvenuesAI if they are willing to qualify for their respective rights issue and consolidation of shares.
Ola Electric Mobility rights issue
Ola Electric Mobility Limited’s board of directors approved offer and issuance of partly paid-up equity shares for an amount equivalent to ₹1,000 crore via rights issue.
The board has approved 37,02,72,665 rights equity shares each for an amount aggregating to ₹9,99,73,61,955 (approximately ₹1,000 crore). Issue price is fixed at ₹27 per equity share with a face value of ₹10 each. The issue will also include a premium of ₹17 per equity shares. The board has fixed Tuesday, October 13, as the record date.
Ola Electric Mobility share price trend
Ola Electric Mobility stock gained 1.83% and ended at ₹35.13 apiece on Friday, October 9. The EV stock has declined 13% in three months, 30% in one year, and 63% in two years.
AvenuesAI reverse stock split
AvenuesAI’s board of directors approved consolidation of equity shares from the existing 10 equity shares (with a face value of Re 1) to 1 equity share (with a face value of ₹10) each.
Which means that the company will consolidated every 10 shares (of Re 1 each) into 1 share (of face value ₹10). It will reduce the number of shares investors hold by nearly 90%, but the the total face value of their holdings will remain unchanged.
The board has fixed Tuesday, October 13, as the record date to determine eligibility of shareholders.
AvenuesAI share price trend
AvenuesAI share price closed 0.67% lower at ₹14.91 per share on BSE on Friday. Its share price value has declined 12.96% in three months, 22.7% in one month, and 42% in two years.
