Sapphire Foods advanced 2.54% to Rs 1,597.10 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.
The dates for the 15th AGM and the record date for the share split will be announced in due course, it added.
The rationale behind the split is to improve liquidity of the equity shares of the company in the capital markets through widening shareholder base and to make it more affordable for retail investors.
The sub-division is expected to be completed within 3 months from the date of members approval.
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Sapphire Foods India is principally engaged in the franchisee business of KFC, Pizza Hut and Taco Bell branded restaurants.
The companys consolidated net profit tumbled 98.2% to Rs 2.39 crore in Q4 FY24 as compared with Rs 135.59 crore recorded in Q4 FY23. Revenue from operations jumped 12.7% year on year to Rs 631.70 crore in the quarter ended 31 March 2024.
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