Shares of IIFL Wealth Management Ltd. surged nearly 8 percent in opening trade on Thursday after the company announced that its board will consider stock split and bonus issue next week.

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In a stock exchange notification on Wednesday, IIFL Wealth said that the board of directors in its meeting on January 19 will consider declaration of fourth interim dividend as well as sub-division of equity shares and issuance of fully paid-up bonus equity shares.

The company will also announce its December quarter results on January 19.

Further, IIFL Wealth also informed that January 30, 2023, shall be fixed as the record date for ascertaining the eligibility of shareholders to receive the aforesaid interim dividend, if declared by the board of directors at the meeting.

IIFL Wealth was spun-off as the wealth management division from IIFL Finance in September 2019. The stock has gained 35 percent since its listing over a three-year period.

Shares of IIFL wealth gained as much as 8 percent in the early minutes of trade but soon slipped off the day's high. The stock currently trades 2.2 percent higher at Rs 1,797.