Mafatlal Industries was locked in an upper circuit of 5% at Rs 377 after the company on Saturday said that its board has approved 5-for-1 stock split.
The company's board approved sub-division of existing one equity share having face value of Rs 10 each into five equity shares having face value of Rs 2 each, subject to the approval of shareholders. The record date will be intimated in due course, the company said in a statement.The company said that the object behind the split of shares is to increase the floating number of shares in the hands of public shareholders, to enhance the liquidity of shares and to encourage the participation of small investors by making the price more affordable.
The company also added that the stock split is expected to be completed within two months from approval of the shareholders and subject to necessary approvals.
Mafatlal Industries is engaged in manufacture of plain and pattern woven, yarn and piece dyed, and printed fabrics for apparel, bedding and furnishing, from cotton and blends with polyester.
The company reported a net profit of Rs 15.87 crore in Q1 FY23 as against a net loss of Rs 16.35 crore posted in Q1 FY22. Net sales surged 230% YoY to Rs 381.37 crore in the quarter ended 30 June 2022.
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