Board approves 10:1 equity share consolidation

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AI summary

The board approved consolidation of equity shares in a 10:1 ratio, merging 10 shares of Re. 1 face value into 1 share of Rs. 10 face value. Authorized capital stays Rs. 70 crore (now 7 crore shares). Paid-up capital stays Rs. 44.40 crore (now 4.40 crore shares). Move needs shareholder and regulatory approval, expected within 6 months. Aims to align market price with fundamentals and cut servicing costs for fragmented shareholders.

Likely market impact

Share count drops 10x; per-share metrics and price likely adjust proportionally. Subject to shareholder and other approvals.