Drug major Sun Pharma today said its board has approved splitting the company's shares in the ratio of 1:5, which would result in every equity share of Rs 5 face value being divided into five shares of Re 1 apiece.
The company's board took a decision to split shares during its meeting held today, Sun Pharmaceutical Industries said in a statement to the Bombay Stock Exchange (BSE).
The stock split is subject to approval by shareholders of the company, it added.
The Mumbai-based company is on a high, having acquired a controlling stake in Israeli firm Taro Pharmaceutical Industries Ltd after four years of legal wrangling.
Sun has increased its stake in Taro to 48.7 per cent from 36 per cent previously. Furthermore, Sun Pharma Chairman Dilip Shanghvi has taken over as chairman of the Tel-Aviv based firm.
Shares of Sun Pharma today closed at Rs 1,920.55 on the BSE, up 1.71 per cent from the previous close.