Nykaa to hold board meeting on 3 October to discuss issuance of bonus shares

Cosmetics and fashion retailer Nykaa announced on Wednesday that the company’s board will meet on 3 October to consider the issuance of bonus shares to its current shareholders. Bonus shares are additional shares that are provided to the company’s present shareholders at no additional cost, based on how many shares they presently possess. These are the company’s accumulated earnings, which are converted into free shares rather than being distributed as dividends. “We would like to let you know that the Board of Directors of the Company will meet on Monday, 3 October 2022. At this meeting, the Board will, among other things, consider and approve the issuance of Bonus Shares to the equity shareholders of the Company in the ratio it may deem suitable, as well as seek postal shareholder approval and any other approvals it may deem necessary,” the company noted in a statement submitted to the exchanges. In the April to June quarter of FY23, the beauty and wellness e-commerce company’s consolidated net profit increased by over 43 percent to Rs 5 crore. In the corresponding period the previous year, the company had a net profit of 3.52 crore. Operating profit was at 4 percent during the period, up by 70 basis points, while combined revenue from operations climbed 41 percent to Rs 1,148.42 crore. During the reported quarter, the company’s gross merchandise value increased 47% year over year to Rs 2,155 crore. The company’s GMV for Nykaa’s beauty and personal care segment increased 39% year over year to Rs 14,88 crore, while GMW for the fashion segment increased 59% year over year to Rs 582 crore. The parent company of Nykaa, FSN E-Commerce Ventures, had a strong start on the exchanges last year, after the stock on 10 November with a 79 percent premium. The share’s opening price on the BSE was Rs 2,001, while the NSE’s listing price was Rs 2,018. During Nykaa’s public issue, there was massive demand for shares worth Rs 5,352 crore, with bids for 216.59 crore equity shares being received against the offered size of 2.64 crore shares. On 27 September, Nykaa made headlines for its collaboration with the Indian Institute of Management Ahmedabad (IIMA) to introduce the “Nykaa Chair in Consumer Technology.” The company wants to create consumer technology research solutions through this venture. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.