HEG shares rally 10% on announcing October 18 as record date for 1:5 stock split

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Shares of HEG Ltd today rallied 10% to a high of Rs 2,544.05 on the BSE after the company announced that it has fixed October 18 as the record date for the purpose of 1:5 stock split.

“We wish to inform you that the Company has fixed Friday, October 18, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company, such that 1 (One) Equity Share of the Company of the face value of Rs. 10/- (Rupees Ten Only) each fully paid up be sub-divided/split into 5 (Five) Equity Shares of the Company of face value of Rs.2/- (Rupees Two Only) each fully paid up, ranking pari passu in all respect,” said the company in a filing to the exchanges.

This means that October 18 will be the date for determining the entitlement of the eligible equity shareholders who will qualify for the share split.

A 1:5 stock split gives shareholders five shares for every one they currently own. For instance in this case, the original share had a face value of Rs 10, after the split, each new share will have a face value of Rs 2.

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Prior to this, the company has never carried out a stock split and this will be the first instance of the company doing so, according to the data available on Trendlyne.The shares of HEG Ltd have surged 42.66% in the last one year, while increasing by 27.50% in the current year so far.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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