Watch, eyewear and jewellery- maker Titan Industries today said its shareholders have approved a sub-division of existing equity shares of Rs 10 face value into ten shares of Rs 1 each.
The company will also issue bonus shares in the ratio of one equity share for every single equity share held, Titan Industries said in a filing to the Bombay Stock Exchange.
The members have passed a resolution through a postal ballot to make changes in the Articles of Association and Memorandum of Association of the company to increase its authorised share capital and for sub-division of shares, it said.
The market price of the equity shares of the company has witnessed a significant increase over the last few years, it had said in an earlier filing.
In order to improve the liquidity of its shares in the stock market and make them affordable to small investors, the company's board of directors had recommended the sub–division of shares on April 29.
The shares of the company are listed and actively traded on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).
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Titan's authorised share capital is Rs 160 crore, divided into twelve crore shares of Rs 10 each and forty lakh redeemable cumulative preference shares of Rs 100 each.
The company's scrip touched a new high of Rs 4,651.85 per share in afternoon trade on the BSE today, up 0.89% from the previous close.