“The Board of Directors of the Company by means of a resolution passed by circulation today i.e. on November 28, 2024 has fixed Record Date as mentioned below for the purpose of sub-division / split of equity shares of the Company, such that 1 (One) equity share having face value of Rs 10 (Rupees Ten Only) each, fully paid-up, be sub-divided / split into 10 (Ten) equity shares having face value of Re 1 (Rupee One Only) each: December 16, 2024,” said the company in an exchange filing.
This means today is the last day to buy the stock to be eligible for the stock split.
After the implementation of the T+1 settlement system, the record date and ex-date are typically the same, except when a market holiday follows the ex-date.
Shareholders who buy the stock at least one day before the ex-date are eligible for the stock split as settlement happens the next day. Those buying the stock on the ex-date are not eligible for the same.
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This is the first-ever instance of the company proceeding with a stock split, according to the data available on Trendlyne.
A 1:10 stock split means that one existing share with a face value of Rs 10 will be split into ten new shares with a face value of Rs 1.
Companies split their stocks to make shares more accessible to small investors, attract a broader range of shareholders, and enhance liquidity in the market. This strategy aims to boost investor interest and promote a more active trading environment.
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