The Board of Directors of the Company has approved Clause V of MOA of the company, subject to the approval of shareholders.
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Padam Cotton Yarns Ltd's board has approved a stock split in the ratio of 1:10, where each equity share of Rs. 10 face value will be divided into 10 equity shares of Re. 1 each. The current paid-up share capital stands at Rs. 12.91 crore (1,29,10,000 shares), which post-split will translate into 12,91,00,000 shares of Re. 1 each. The company says the rationale is to boost liquidity and make shares more affordable for small investors. The split is subject to shareholder approval via postal ballot and is expected to be completed within about 3 months. The board also approved amending Clause V of the Memorandum of Association to reflect the new face value.
Existing shareholders will hold 10 times more shares, but the overall value of their holding stays the same since the share price will adjust proportionally. Lower per-share price may attract more retail participation and improve trading liquidity on the exchange.