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Shares of JMT Auto have locked in upper circuit of 20% at Rs 34.90 on the BSE after the stock turned ex-stock split from Rs 10 to Rs 2 each.
“The company has fixed June 26, 2015 as the record date for the purpose of sub-division of each equity share of the company having Face value of Rs 10 into 5 equity shares of face value of Rs 2 each fully paid-up,” JBM Auto said in a BSE filing.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
Till 1150 hours, a combined 120,549 shares changed hands against an average sub 50,000 shares that were traded daily in past two weeks before stock split. There were pending buy orders for 19,356 shares on the BSE and NSE.
“The company has fixed June 26, 2015 as the record date for the purpose of sub-division of each equity share of the company having Face value of Rs 10 into 5 equity shares of face value of Rs 2 each fully paid-up,” JBM Auto said in a BSE filing.
Stock split or sub-division of equity shares is done to infuse liquidity and to make shares affordable for retail investors who could not invest earlier because of the high stock price.
Till 1150 hours, a combined 120,549 shares changed hands against an average sub 50,000 shares that were traded daily in past two weeks before stock split. There were pending buy orders for 19,356 shares on the BSE and NSE.
