GE shareholders approve subdivision of equity shares
Shareholders of the country’s largest apparel exporting firm - Gokaldas Exports have approved of a sub-division of the face value of the company’s equity shares.
By TNN |
BANGALORE: Shareholders of the country’s largest apparel exporting firm - Gokaldas Exports have approved of a sub-division of the face value of the company’s equity shares. Accordingly the Rs 10 face value share would now be sub-divided into two with each having a face value of Rs 5 each. The nod came at the extra-ordinary general meeting (EGM) convened by the company recently.
“The move is a welcome one as the available floating stock would increase. The fact that India is positioning itself as a major player in the global apparel business and more stock of the leading apparel exporter is a good sign,” said a city-based market analyst.
On Tuesday however in line with the general weakness in the market, the Gokaldas Exports scrip closed at Rs 593.75 down 5.02%.
Gokaldas Exports had a paid-up share capital of Rs 17.18 crore(Rs 10 face value) or translating into a total 1.718 crore shares. Post the sub-division, the number of shares would double or stand at 3.436 crore share of Rs 5 each. With the sub-division of its equity shares, Gokaldas Exports joins ranks of other companies like Infosys Technologies and Wipro whose face value is Rs 5 and Rs 2 respectively.
For the period ended September 30, 2006 the non-promoter holding was pegged at 29.9%. Prudential ICICI Mutual Fund incidentally held 2.93% stake while another 1.67% was held by Emerging Star scheme of the same mutual fund. Fidelity(Mauritius) had a 2.91% stake while ICICI Prudential Life Insurance Company held a 2.35% stake. Collectively institutional holding in Gokaldas Exports was pegged at 18.78% as of September 30, 2006.
For the three month period ended September 30, 2006 Gokaldas Exports had revenues of Rs 280.99 crore and net profit of Rs 20.79 crore.
“The move is a welcome one as the available floating stock would increase. The fact that India is positioning itself as a major player in the global apparel business and more stock of the leading apparel exporter is a good sign,” said a city-based market analyst.
On Tuesday however in line with the general weakness in the market, the Gokaldas Exports scrip closed at Rs 593.75 down 5.02%.
Gokaldas Exports had a paid-up share capital of Rs 17.18 crore(Rs 10 face value) or translating into a total 1.718 crore shares. Post the sub-division, the number of shares would double or stand at 3.436 crore share of Rs 5 each. With the sub-division of its equity shares, Gokaldas Exports joins ranks of other companies like Infosys Technologies and Wipro whose face value is Rs 5 and Rs 2 respectively.
For the period ended September 30, 2006 the non-promoter holding was pegged at 29.9%. Prudential ICICI Mutual Fund incidentally held 2.93% stake while another 1.67% was held by Emerging Star scheme of the same mutual fund. Fidelity(Mauritius) had a 2.91% stake while ICICI Prudential Life Insurance Company held a 2.35% stake. Collectively institutional holding in Gokaldas Exports was pegged at 18.78% as of September 30, 2006.
For the three month period ended September 30, 2006 Gokaldas Exports had revenues of Rs 280.99 crore and net profit of Rs 20.79 crore.
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