“The Board of Directors, inter alia, has considered, approved and recommended ordinary resolution through postal ballot for alteration of the capital of the Company by sub-division/split of existing equity share of the Company from One equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid-up, into 2 (Two) equity shares having face value of Rs. 5/- (Rupees Five only) each, fully paid-up,” the company said in a filing to stock exchanges.
The stock split is being done in order to enhance the liquidity of the company’s equity shares and encourage the participation of small investors by making it more affordable, it said.
Also read: GRSE shares surge 20% after posting doubling Q4 profit but ICICI Securities screams sell
The expected timeline for the completion of the activity will be approximately 3 months from the date of receipt of approval of the shareholders of the company.
The record date for the purpose of the subdivision of the equity shares would be decided after obtaining approval of the shareholders through postal ballot and will be intimated to the exchanges at a later date.KPI Green had also informed the exchanges about its decision to raise funds through the issue of equity shares by way of QIP earlier in May month.The shares of KPI Green Energy were trading nearly 3% higher at Rs 1,935.75 around 12 noon today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)