Exide Ind to split shares in 1:10 ratio
Leading storage battery maker, Exide Industries Ltd on Friday said it will split equity shares of the company in the ratio of 1:10.
By PTI |
MUMBAI: Leading storage battery maker, Exide Industries Ltd on Friday said it will split equity shares of the company in the ratio of 1:10.
The board of directors at its meeting on Friday recommended the splitting of one equity share of Rs 10 into ten shares of Rs 1 each, subject to shareholders approval, Exide informed the Bombay Stock Exchange on Friday.
"The split, if approved by the shareholders, is expected to add liquidity to the Exide shares in the stock market and we hope more people will be able to join the family of Exide shareholders," Exide Industries executive chairman and chief operating officer S B Ganguly said.
The stock split would raise the number of shares by ten times thereby offering better float and liquidity to the shares in the stock market, it added.
However, the change in the face value of the shares from Rs 10 to Rs 1 would not affect its total share capital of Rs 75 crore.
The stock-split would be up for the shareholders approval at the 59th Annual General Meeting to be held on July 21.
The board of directors at its meeting on Friday recommended the splitting of one equity share of Rs 10 into ten shares of Rs 1 each, subject to shareholders approval, Exide informed the Bombay Stock Exchange on Friday.
"The split, if approved by the shareholders, is expected to add liquidity to the Exide shares in the stock market and we hope more people will be able to join the family of Exide shareholders," Exide Industries executive chairman and chief operating officer S B Ganguly said.
The stock split would raise the number of shares by ten times thereby offering better float and liquidity to the shares in the stock market, it added.
However, the change in the face value of the shares from Rs 10 to Rs 1 would not affect its total share capital of Rs 75 crore.
The stock-split would be up for the shareholders approval at the 59th Annual General Meeting to be held on July 21.
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