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After AU Small Finance Bank indicated that its board will meet next week to evaluate a bonus issue proposal, shares of the private sector lender touched a record high in Tuesday's intra-day in an otherwise sluggish market.

Shares of AU Small Finance Bank gained as much as 5.3 percent to Rs 1,459 on the BSE. At 2:30 pm, the shares were trading at Rs 1,447.95, up 63.65 points, or 4.60 percent. The stock had previously reached a high of Rs 1,428 on April 13, 2022.

The board will also consider the Bank's audited financial results for the quarter and fiscal year ended March 31, 2022, as well as recommend a dividend, if any, on equity shares for the fiscal year ended March 31, 2022, according to the Bank.

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“A meeting of the board of directors of the Bank will be held on Monday, 25th April 2022 and will continue on Tuesday, 26th April 2022 to consider the proposal for issuance of bonus shares, subject to requisite approvals,” AU Small Finance Bank said in an exchange filing.

In the last month, AU Small Finance Bank has outperformed the market, rising 24 percent vs a 1 percent fall in the S&P BSE Sensex.

Last week, rating agency CARE Ratings reaffirmed a rating of CARE Al+ (A One Plus) to the Bank's short-term instruments (Certificate of Deposits) . The Bank's long-term debt instruments (Tier-II Bonds) were assigned a CARE AA; Stable (Double A; Outlook: Stable).

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First Published:Apr 19, 2022 3:08 PM IST