Rushil Decor announced on Friday that it will split its stock in a 1:10 ratio. This means that for every share a shareholder owns, they will receive 10 shares after the split.
The company stated, “The Board of Directors has approved the splitting of existing equity shares of Rs 10 each into shares of Re 1 each.” This decision was made during a board meeting on May 24, 2024.
The purpose of the stock split is to increase the liquidity of the company’s shares and to make them more affordable for retail investors.
The stock split process is expected to be completed within 2 to 3 months after shareholder approval.
After the split, the company’s authorized share capital of 4 crore shares with a face value of Rs 10 each will become 40 crore shares with a face value of Re 1 each.
In addition, Rushil Decor has approved the allotment of 65,000 equity shares to two non-promoter allottees based on the conversion of 65,000 convertible warrants that were allotted on a preferential basis.
Founded in 1993, Rushil Decor is a leading company in the laminate and MDF panel boards industry in India, with a presence in over 51 countries.
On Friday, Rushil Decor’s shares closed 3% higher on the BSE at Rs 315.85.
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