Travel services provider Cox & Kings today said its board has approved a proposal to split its stock besides plans to raise up to Rs 1,500 crore through issue of fresh shares or other instruments.
The board has also approved increasing borrowing limit to Rs 1,500 crore from the current Rs 1,000 crore.
"The board of directors of the company at its meeting held on April 27, 2011, inter alia, has considered and approved sub-division of equity shares from face value of Rs 10 per share to face value of Rs 5 per share," the company said in a filing to the Bombay Stock Exchange.
The board has also approved issue of further shares, convertible instruments or any other instruments not exceeding Rs 1,500 crore, the filing said.
The company will make changes in the clauses of Memorandum and Articles of Association and seek members' approval for the same.
The company's shares closed today at Rs 410.05 on the Bombay Stock Exchange, down 2.81% from its previous close.