Diageo-controlled United Spirits Ltd today said it would seek shareholders approval for splitting its each share of face value of Rs 10 into five shares of face value of Rs 2 each.
The company has sent postal ballot notice to shareholders, debenture trustees and Auditors for seeking their approval for alteration of Capital Clause in the Memorandum of Association.
The company has sought approval to split equity shares having a face value of Rs 10 equity share to Rs 2 per equity share and to sub-divide preference shares having a face value of Rs 100 per preference share into Rs 10 per preference share, according to the filing.
The proposed "capital of the company is Rs 7,192,000,000/-, divided into 2,740,000,000 Equity Shares of Rs 2/ each and 171,200,000 Preference Shares of Rs 10/- each", United Spirits said in a regulatory filing.
The board of the company had already approved it on its meeting held on April 13.
It has also proposed that" each of the 7 per cent Non-Cumulative Redeemable Preference Shares of the Company having a face value of Rs 100 be subdivided into 10 Preference Shares having a face value of Rs 10."
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