Shares of metal pipes producer Hi-Tech Pipes will turn ex-split on Friday, March 17. The firm has introduced to break up its shares within the ratio of 10-for-1 (10:1), which means every share having a face worth of Rs 10 shall be sub-divided into 10 shares. The new face worth of every share shall be Re 1 after the break up takes impact. Also, the market value of every share can even be adjusted within the break up ratio.Â
“In continuation to our earlier communication dated March 03. 2023 with respect to Sub-Division of One (1) Equity Share of face worth of Rs. 10/- every totally paid up into Ten (10) Equity Shares of Re. I/- every totally paid up w.e.f. the report date i.e. March 17,” the corporate mentioned.
The rationale behind the break up is to improve the liquidity out there and widen the shareholder base. Besides, it additionally makes the shares extra inexpensive to small buyers. The firm within the first week of March had obtained approval from its members for the sub-division of every fairness share.
“This is to inform you that members of the company through postal ballot have approved sub-division of equity shares of the company from one equity share of the face value of Rs 10 each to 10 equity shares of face value of Re 1 each,” the March 5 submitting mentioned.
The metal processing firm on Wednesday knowledgeable exchanges in regards to the 12-digit International Securities Identification Number (ISIN).Â
“The Depositories have allotted New ISIN: INE106T01025 to the company. Please be informed that the shares with reduced face value will take effect in the new ISIN,” the submitting learn.
The small-cap firm with a market cap of Rs 1.13 thousand crore reported a 28 per cent leap in web revenue YoY within the December quarter at Rs 13.02 crore. Hi-Tech Pipes shares have yielded an enormous return of round 72 per cent within the final one yr. The stock closed at Rs 877.25 on Wednesday.
