Sub-division/ Split of 1 (one) equity shares of face value of INR 10 each fully paid up into 5 (five) equity shares of face value of INR 2 each fully paid up.
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The Board of Directors of Mini Diamonds India Ltd approved a sub-division of equity shares in a 1:5 ratio, splitting each existing share of face value INR 10 into 5 shares of face value INR 2. After the split, the paid-up share count will increase from around 2.36 crore shares to about 11.78 crore shares, while the overall share capital value remains unchanged at about INR 23.56 crore. The company said the rationale is to improve liquidity and make shares more affordable for small investors. The split requires shareholder approval through a Postal Ballot, and the record date will be fixed after that approval. The company expects to complete the corporate action within 3 months, subject to necessary approvals.
Each shareholder will end up with 5 times more shares at one-fifth the face value, with no change in total investment value. The lower per-share price may improve affordability and trading liquidity, potentially attracting more retail investors, but this is a cosmetic change with no direct effect on the company's fundamentals or earnings.