Steel Strips Wheels (SSWL) said that its board has approved a proposal of splitting each equity share of face value of Rs 10 into two equity shares of face value of Rs 5 each.
The company said the stock split is subject to the approval of shareholders and other approvals as may be required.
"The record date for the purpose of sub-division of equity shares shall be decided after obtaining approval for sub-division from the shareholders at the ensuing annual general meeting and will be intimated in due course," the company said in a statement.
The company's 35th annual general meeting (AGM) for the financial year ended 31st March 2021 will be held on Thursday, 30th September 2021.
SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.
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SSWL reported a net profit of Rs 51.08 crore in Q1 FY22 as against a net loss of Rs 38.09 crore in Q1 FY21. Net sales surged 463.84% YoY to Rs 678.13 crore during the quarter.
The SSWL scrip fell 1.34% to currently trade at Rs 1863.80 on the BSE.
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