India’s equity market is closing out the first week of December 2025 with a flurry of big corporate actions. Friday, 5 December 2025, is a crucial ex-date and record date for multiple high‑profile moves:
- A 1:5 stock split by Computer Age Management Services (CAMS)
- A massive 24:1 bonus issue by Apis India
- The long‑awaited Hindustan Unilever (HUL)–Kwality Wall’s ice-cream business demerger
- A 5:2 bonus issue from film production and distribution company Panorama Studios International
- A ₹1,000 crore rights issue record date for Hindustan Construction Company (HCC)
Plus, these come on the heels of stock splits, dividends and other actions earlier in the week from names like Engineers India and Mini Diamonds India, as highlighted by market trackers and brokerages. [1]
Here’s a complete, investor‑friendly breakdown of what is happening today and what it means.
Why 5 December 2025 Matters for Dalal Street
According to exchange disclosures and broker notes, multiple corporate actions share 5 December 2025 as their record or ex-date, concentrating a lot of “event risk” into a single trading session. [2]
For investors, that means:
- Eligibility is locked in today for bonuses, splits, spin‑off shares and rights entitlements.
- Stock prices may look unusually volatile or “cheap” after mechanical price adjustments due to splits and bonus credits.
- Indices and sectoral trends can temporarily distort as adjusted prices ripple through portfolios and ETFs.
Understanding each action helps avoid confusion when prices gap down or when new shares show up in demat accounts over the coming days and weeks.
CAMS 1:5 Stock Split: Record Date, Ex-Date and Share Price Impact
Key facts
Computer Age Management Services Ltd (CAMS), the country’s largest mutual fund registrar and transfer agent, has executed a 1:5 stock split:
- Old face value: ₹10 per share
- New face value: ₹2 per share
- Split ratio: 1 share becomes 5 shares
- Record date & ex‑split date:5 December 2025 [3]
ICICI Direct and other brokers confirmed that CAMS fixed 5 December 2025 as the record date for the sub‑division of each ₹10 share into five ₹2 shares. [4]
On Thursday, 4 December 2025, CAMS closed around ₹3,956.70 per share, with a day’s range of ₹3,859.60–₹3,969 on the NSE. [5] The company’s own “stock split alert” now shows the split as effective from 5 December, with face value reduced and number of shares increased accordingly. [6]
What happens to CAMS share price after the split?
A stock split does not change your total investment value; it only changes:
- The number of shares you hold
- The price per share, which is adjusted downward mechanically in proportion to the split ratio
In this case, theoretically:
- 1 share at ~₹3,950 becomes 5 shares at roughly one‑fifth of that price (around the ₹790–₹800 zone), ignoring intraday volatility and market sentiment.
Market cap and your percentage ownership stay the same; only the denomination changes.
Why CAMS is splitting its shares
CAMS’ board and market commentators have consistently framed this as a move to:
- Enhance liquidity in the stock
- Make the share more affordable for retail investors
- Broaden participation and improve market depth [7]
This aligns with a broader trend where companies with high absolute share prices use splits or bonuses to invite smaller ticket‑size investments and attract more retail shareholders.
Retail shareholding in CAMS
Fresh shareholding data from Angel One shows: [8]
- Foreign institutional investors (FIIs): ~46.9%
- Domestic institutional investors (DIIs): ~20.76%
- Retail & others: ~32.34%
CAMS has thus already built a sizable retail base, and the split is expected to push that number higher over time by lowering the entry price per share.
Apis India’s 24:1 Bonus Issue: Huge Payout, Multibagger History and Surveillance Tag
Ratio and key dates
Honey and food products maker Apis India Ltd is in the spotlight thanks to one of the most generous bonus issues of 2025:
- Bonus ratio:24:1 – 24 bonus shares for every 1 share held
- Record date:5 December 2025
- Ex‑bonus date:5 December 2025 [9]
ETMarkets and Capital Market data confirm that shareholders holding one fully paid equity share of face value ₹10 as on 5 December will receive 24 additional shares of ₹10 each, taking their total to 25 shares for every original share. [10]
Upstox’s corporate action feed lists the same 24:1 ratio, with both ex‑bonus and record dates on 5 December 2025. [11]
Share price performance and upper circuit
Apis India has been a multibagger:
- ~300–330% 1‑year returns
- Over 6,000% returns in the last five years, according to Trendlyne and ETMarkets data. [12]
In the run‑up to the record date, the stock has frequently hit the 5% upper circuit, with ETMarkets noting a recent move to ₹1,152.75 on BSE before adjustments. [13] Upstox now shows the adjusted price around ₹46.10 as of mid‑day on 5 December, with a market cap near ₹635 crore. [14]
That difference reflects how data providers adjust historic prices for upcoming corporate actions.
How a 24:1 bonus affects your holdings
A bonus issue is funded out of the company’s reserves; it does not require you to pay anything. After the 24:1 bonus:
- Your number of shares multiplies by 25 (1 original + 24 bonus)
- The post‑bonus market price is expected, in theory, to fall to about 1/25th of the pre‑bonus price (before considering normal market moves)
- Total investment value remains broadly unchanged at the moment of the adjustment
For example, if an investor held 100 shares, they would end up with 2,500 shares post‑bonus. The notional loss in price per share is offset by the larger quantity.
Regulatory lens and shareholding
Apis India has: [15]
- Promoter holding: 74.72%
- Retail & others: 25.28%
- No institutional shareholding (FIIs/DIIs/MFs) currently reported
The stock is under Enhanced Surveillance Measure (ESM) Stage‑I on BSE due to sharp price moves and valuations, as highlighted by ETMarkets. [16]
That surveillance tag, together with extreme past returns, is a reminder that while the 24:1 bonus looks attractive, risks are high and liquidity can be fickle in smaller counters.
HUL–Kwality Wall’s Demerger: Spin-Off Record Date and What Shareholders Get
After months of anticipation, Hindustan Unilever Ltd (HUL) is officially spinning off its ice‑cream business into a separate listed entity, Kwality Wall’s (India) Ltd (KWIL).
Structure of the HUL demerger
Key details from HUL’s scheme and exchange filings: [17]
- Effective date of demerger:1 December 2025
- Record date for eligibility:5 December 2025
- Allotment date for new shares:29 December 2025
- Share entitlement ratio:1:1
- 1 share of KWIL for every 1 share of HUL held on the record date
- Expected listing window: Brokerages like Nuvama expect KWIL to list around February 2026, potentially as India’s first pure‑play listed ice‑cream company
The demerger covers well‑known brands such as Kwality Wall’s, Cornetto, Magnum, Feast and Creamy Delight, along with one of India’s largest ice‑cream cold‑chain networks. [18]
Why is HUL spinning off the ice‑cream business?
ETMarkets and Mint explain that the move aims to: [19]
- Unlock value in a fast‑growing but capital‑intensive vertical
- Allow HUL’s core home and personal care & foods businesses to focus on margin‑accretive categories
- Let the new ice‑cream entity pursue independent growth, innovation and capex plans
- Bring in Magnum Ice Cream Company as a strategic investor with a 61.9% stake in KWIL post‑spin‑off
Brokerage estimates suggest KWIL could list at ₹50–₹55 per share, implying roughly 5x EV/sales, versus HUL’s higher FMCG multiple near 9x. [20]
What HUL shareholders should expect
If you hold HUL shares at the close of trade on 5 December 2025:
- You retain your existing HUL shares
- You will later receive an equal number of KWIL shares credited to your demat account after allotment
- Once KWIL lists (expected February 2026), you’ll be free to hold both or rebalance depending on your view
In effect, shareholders are getting exposure to two separate companies:
- A large, diversified FMCG major (HUL)
- A focused, high‑growth ice‑cream and frozen desserts business (KWIL)
HUL will no longer consolidate the ice‑cream vertical, which currently contributes about 3% of its turnover (~₹1,800 crore). [21]
Panorama Studios International: 5:2 Bonus Issue for Film Stock Investors
Panorama Studios International Ltd, a film production and distribution company, is also in focus today with a chunky bonus:
- Bonus ratio:5:2 – 5 bonus shares for every 2 shares held
- Record date & ex‑bonus date:5 December 2025
- Deemed allotment date:9 December 2025
- Bonus shares tradeable from:11 December 2025 [22]
Regulatory filings and bonus trackers from Moneycontrol, Trendlyne and Choice Broking confirm that both record and ex‑bonus dates fall on 5 December, meaning any purchase on or after today will not qualify for this issue. [23]
What this means for Panorama investors
The 5:2 ratio is more aggressive than a typical 1:1 or 2:1 bonus:
- For every 2 existing shares, shareholders receive 5 additional shares
- Total share count multiplies by 3.5x (2 existing → 7 total)
- The ex‑bonus price should theoretically adjust to around 2/7 of the pre‑bonus price, all else equal
As with Apis India, this is a non‑cash reward funded from reserves, designed to improve liquidity and broaden the shareholder base.
Hindustan Construction Company (HCC): ₹1,000 Crore Rights Issue — Record Date Today
Civil engineering and infrastructure major Hindustan Construction Company (HCC) has fixed 5 December 2025 as the record date for its upcoming rights issue. [24]
Rights issue terms
Key details from Business Standard and Capital Market reports: [25]
- Issue size: ~₹1,000 crore (₹999.99 crore)
- Total rights shares: 79,99,91,900 equity shares
- Rights price: ₹12.50 per share
- Includes ₹11.50 premium over face value
- Rights entitlement ratio:277 rights shares for every 630 fully paid‑up equity shares held on record date
- Rights issue period:
- Opens 12 December 2025
- Closes 22 December 2025
- Last date for on‑market renunciation: 17 December 2025
- Last date for off‑market renunciation: 19 December 2025
Post‑issue, HCC’s outstanding shares will rise from around 181.95 crore to 261.95 crore. [26]
Why this matters for existing HCC shareholders
Only investors on the register as of 5 December 2025 receive rights entitlements (REs), which they can:
- Use to apply for discounted rights shares, or
- Trade/renounce on the market during the RE trading window
Because the rights price (₹12.50) is below the prevailing market price, the issue provides an opportunity to average down for long‑term believers in HCC’s project pipeline — but it also raises questions around dilution and capital structure that investors must evaluate carefully.
Earlier in the Week: Engineers India Dividend, Mini Diamonds Stock Split and More
The first week of December 2025 has been busy beyond just today’s actions. Upstox, NDTV Profit and Business Standard compiled a list including: [27]
- Mini Diamonds India Ltd
- Stock split: From ₹10 to ₹2 face value (effectively 1:5 split)
- Record & ex‑date:2 December 2025 [28]
- Marsons Ltd
- Interim dividend: ₹0.05 per share
- Record date:3 December 2025 [29]
- Engineers India Ltd (EIL)
- Interim dividend: ₹1 per share
- Record & ex‑dividend date:4 December 2025 [30]
- CAMS, Apis India, HUL
- All three flagged well in advance to trade ex‑date on 5 December for stock split, bonus and spin‑off respectively. [31]
Together, these actions make the first week of December one of the most corporate‑action‑heavy periods of the quarter.
How Ex-Date and Record Date Work — and Why Prices Look “Cheaper” Overnight
Many of today’s headlines reference “ex‑date” and “record date”. ET Now and multiple educational resources summarise it this way: [32]
- The record date is when the company checks its shareholder register to determine who is eligible for a corporate action (bonus, split, rights, spin‑off, dividend).
- The ex‑date is usually one trading day before the record date, or the same day when exchanges so specify; buyers on or after the ex‑date do not receive the upcoming benefit.
- On the ex‑date, exchanges automatically adjust:
- Prices (downward in case of bonuses/splits)
- Number of shares (upward for bonuses/splits)
So if you see CAMS, Apis India or Panorama Studios suddenly trading at a fraction of their previous prices on 5 or 8 December, it doesn’t mean the companies have lost value overnight — it is largely a mathematical adjustment.
What Investors Should Watch After 5 December 2025
Even though bonuses, splits and demergers feel like windfalls, they don’t automatically make a stock a better investment. Here are a few practical angles to track over the coming weeks:
- Post‑event price action
- Watch how CAMS, Apis, Panorama, HUL and HCC trade after the initial adjustment. Heavy profit‑booking or speculative spikes are common around corporate actions.
- Liquidity and spreads
- Splits and bonuses often improve liquidity by increasing share count, but bid‑ask spreads can remain wide in small and mid‑caps like Apis or Panorama.
- Fundamentals vs. optics
- Apis and Panorama have delivered big price returns, but bonus shares and high ratios don’t change earnings quality, leverage, or cash flows. Check recent results and margins. [33]
- Corporate governance and surveillance status
- Apis is under ESM surveillance; any further regulatory updates or changes in trading restrictions will be important. [34]
- Spin‑off listing and valuation for KWIL
- For HUL investors, real “price discovery” of the ice‑cream business will happen only when KWIL lists and stabilises around a market‑driven valuation. [35]
- Rights issue timelines and funding plans at HCC
- Shareholders should decide whether they want to subscribe, renounce, or ignore the rights offering based on their view of HCC’s leverage, project pipeline, and risk appetite. [36]
Final word (and a quick disclaimer)
5 December 2025 has turned into something of a “mega corporate action Friday” for Indian markets, touching everything from fintech infrastructure (CAMS) and consumer staples (Apis, HUL) to film content (Panorama) and infrastructure (HCC).
For investors, the key is to treat stock splits, bonuses and demergers as structural and mechanical events, not as standalone reasons to buy or sell. The long‑term story still rests on growth, profitability, balance‑sheet strength and governance.
References
1. upstox.com, 2. upstox.com, 3. www.icicidirect.com, 4. www.icicidirect.com, 5. www.indmoney.com, 6. www.indmoney.com, 7. www.linkedin.com, 8. www.angelone.in, 9. m.economictimes.com, 10. m.economictimes.com, 11. upstox.com, 12. m.economictimes.com, 13. m.economictimes.com, 14. upstox.com, 15. upstox.com, 16. m.economictimes.com, 17. www.livemint.com, 18. www.livemint.com, 19. www.livemint.com, 20. m.economictimes.com, 21. www.livemint.com, 22. www.angelone.in, 23. www.moneycontrol.com, 24. www.business-standard.com, 25. www.business-standard.com, 26. www.business-standard.com, 27. upstox.com, 28. m.economictimes.com, 29. upstox.com, 30. upstox.com, 31. upstox.com, 32. www.etnownews.com, 33. www.tickertape.in, 34. m.economictimes.com, 35. m.economictimes.com, 36. www.business-standard.com
