After the board of SecMark Consultancy Ltd approved the issuance of bonus equity shares in the ratio of 3:2 subject to the shareholders’ approval, the company’s shares increased by as much as 10% to reach a new high of $250 per share on the BSE on Tuesday. Bonus shares are additional, fully paid shares the firm issues to its existing owners.

The company said in a filing with the stock exchange on Monday that the Board of Directors had, among other things, “considered and approved the issue of bonus shares in the ratio 3 (three) fully paid-up equity shares for every 2 (two) existing full paid-up equity shares held by the shareholders, subject to the approval of the shareholders of the company.”

Additionally, the board gave its approval for the company’s current listing to be moved from the SME Platform of BSE Limited to the Main Board of BSE Limited, as well as for it to be listed and traded on the Main Board of the National Stock Exchange of India Limited, subject to the consent of the company’s shareholders, BSE Limited, National Stock Exchange Limited, or other relevant authorities.

As a result of changes in the company’s authorised share capital, the board also thought about and approved amending the company’s memorandum of association, subject to approval by the members of the company.

SecMark Consultancy, with its main office in Mumbai, India, provides technology, consulting, and outsourcing services to participants in the financial market. It has compliance, operations, risk management, software development, IT infrastructure management, system audits, and cyber security experts. More than 200 of the top players in the financial market are among the company’s clients.