LIC Housing Finance, the mortgage arm of the country's largest insurance firm LIC, today said its shareholders have approved a stock split in the ratio of 1:5 as part of its plan to improve the liquidity of its scrip.
As per the decision taken through a postal ballot, LIC Housing Finance shares of Rs 10 face value each will be split into five equities of Rs 2 face value each, LIC Housing Finance informed the Bombay Stock Exchange.
"As votes cast in favour of resolution are 99.99 per cent of the total valid votes case, an ordinary resolution...To sub-divide the equity shares of nominal value of Rs 10 into five equity shares of nominal value of Rs 2 each is passed with requisite majority," it said.
Shares of the company closed at Rs 952.35 on the Bombay Stock Exchange today, up 1.46 per cent.
