Balaxi Pharmaceuticals added 1.10% to Rs 626.75 after the company said that its board has approved the proposal for sub-division/ split of equity shares of the company in the ratio of 1:5.
Accordingly, one equity share of the company, having face value of Rs 10 each, would be sub-divided into five equity shares, having face value of Rs 2 each, subject to necessary approvals.
The record date for sub-division/split of equity shares shall be decided by the board and will be intimated to the exchange, Balaxi Pharma said in a statement.
Balaxi Pharmaceuticals is part of the Balaxi group, which is an IPR based pharmaceuticals player supplying to Angola and Latin America market under the brand Balaxi. The group is also involved in branding and selling to FMCG products and ancillary products.
The company had reported 65.13% rise in consolidated net profit to Rs 13.59 crore despite a 29.79% increase in sales to Rs 60.79 crore in Q3 FY24 over Q3 FY23.
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