Steel pipes maker Hi-Tech Pipes has introduced that the board has accredited the sub-division/break up of current fairness shares. The present face worth of every share of the company is Rs 10. According to an change submitting, the shares can be subdivided within the ratio of 10:1. It signifies that one share can be subdivided into 10 shares.
The rationale behind the break up is to reinforce the liquidity out there, widen the shareholder base and make the shares extra reasonably priced to small buyers.
The face worth of every share can be break up within the ratio of 10:1. Once the break up comes into impact, the face worth of every share of the company can be Re 1. The market worth of every share will even be adjusted in the identical ratio. The present market worth of every share of Hi-Tech Pipes is Rs 910.60 on NSE, as per Friday’s closing. After the break up, as per Friday’s closing, the worth will come right down to Rs 91.06.
“The Board of Directors of Hi-Tech Pipes Ltd in its meeting held on Saturday, January 28, has considered and approved the sub-division/split of existing equity share of the Company from one equity share having face value of Rs 10 each, fully paid-up into Ten equity shares having face value of Rs 1 each fully paid-up,” Hi-Tech Pipes mentioned within the submitting.
The break up is topic to the approval of shareholders and different competent authorities, it added. The Record Date for the aim of sub-division/ break up can be intimated sooner or later, the submitting added.
In one other associated improvement, Hi-Tech Pipes it the third quarter reported over 28 per cent bounce in its consolidated internet revenue to Rs 13.02 crore. The company had clocked Rs 10.16 crore throughout the identical interval of the previous fiscal. Its complete revenue jumped to Rs 569.80 crore from Rs 440.03 crore within the year-ago quarter whereas bills grew to Rs 552.40 crore within the quarter underneath evaluation from Rs 426.18 crore a 12 months in the past.
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