Coastal Corporation spurts as board OKs 1:5 stock split

Coastal Corporation jumped 5.02% to Rs 270.80 after the company announced that its board has approved 5-for-1 stock split.

The company's board approved the sub-division of existing one equity share having a face value of Rs 10 each into five equity shares of Rs 2 each fully paid-up, subject to the approval of the shareholders.

The record date for the share split will be intimated in due course, it added.

The rationale behind the split is to improve liquidity of the equity shares of the company and encourage participation of retail investors by making shares more affordable.

The sub-division is expected to be completed within 3 months from the date of shareholders approval.

 

Visakhapatnam-based Coastal Corporation is one of the leading manufacturer and exporter of a wide variety of shrimp. The company exports various grades of shrimp to countries such as the United States, Europe, Canada, the United Arab Emirates, Saudi Arabia, and Hong Kong.

On a consolidated basis, the company reported 88.6% drop in consolidated net profit to Rs 0.51 crore in Q2 FY25 over Q2 FY24. Net sales jumped 39% YoY to Rs 154.77 crore in September 2024 quarter.

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