Affle India on Thursday announced that its board in a meeting held today have approved stock split (sub-division of equity shares) in the ratio of 1:5, to facilitate larger shareholder base and aid liquidity. The stock split is subject to shareholders and other required approvals.
The company in a communication to exchanges said that board approved stock split of “One (1) equity share of face value of Rs10/- each into Five (5) equity shares of face value of Rs.2/- each." Post the shareholders approval for the stock split, record date for the same shall be October 8, 2021, Affle India added.
The company on Monday had announced that a board meeting is scheduled to be held on August 26, 2021, to consider and approve split of equity shares of the company, subject to approval of the shareholders.
A stock split helps boost the stock's liquidity, particularly among retail investors. In a stock split, the company divides the existing shares of its stock into new shares though the the total value of the shares remains the same.
Affle is a technology company that delivers consumer engagements, acquisitions and transactions through relevant mobile advertising. Its platform aims to enhance returns on marketing investment through contextual mobile ads.
While Affle’s consumer platform is used by online & offline companies for measurable mobile advertising, its enterprise platform helps offline companies to go online through platform-based app development, enablement of O2O commerce and through its customer data platform.
For the quarter ended June, Affle's consolidated revenue from operations jumped to ₹152.5 crore, an increase in revenue by 69.8% in the year-on-year (YoY) basis. Net profit increased by 57.2% y-o-y to Rs. 29.5 crores from Rs. 18.8 crores in Q1 last year.
