IOL Chemicals & Pharmaceuticals advanced 3.46% to Rs 424.60 after the company's board approved the sub-division / split of each equity share into five equity shares.
Accordingly, the face value of each share of the company will change to Rs 2, which is one-fifth of its present face value of Rs 10.
The company expects to complete the stock split proposal within a period of two months from the date of shareholders approval.
Offering rationale for the stock split proposal, IOL Chemicals said: The split of equity shares will make the shares more affordable, thereby increasing its attractiveness to a wider range of investors. This move is expected to potentially boost investor participation and improve liquidity in the market.
IOL Chemicals and Pharmaceuticals is a pharma API and speciality chemicals manufacturer.
The company's consolidated net profit declined 49.4% to Rs 19.15 crore on 3.6% increase in net sales to Rs 525.75 crore in Q2 FY25 over Q2 FY24.
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