The Board of Directors inter alia, has approved the following: 1. Sub-division/ Split of equity shares of the Company, such that 1 (One) Equity Share of Rs. 10/- (Rupees Ten Only) each ....
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The board of Padam Cotton Yarns Ltd approved sub-dividing each equity share of Rs. 10 face value into 10 equity shares of Re. 1 each, subject to shareholder approval. The current paid-up share capital is Rs. 12.91 crore (1.29 crore shares of Rs. 10), which will become Rs. 12.91 crore (12.91 crore shares of Re. 1) post-split. The company said the split aims to improve liquidity and make shares more affordable for small investors. A postal ballot will be held, and a scrutinizer has been appointed. The process is expected to complete in about 3 months.
The split does not change the company's overall valuation or your proportional ownership, but the lower per-share price may improve liquidity and attract more retail participation. Existing shareholders will automatically hold 10 shares for every 1 share previously held once the record date is announced.