Today, all eyes are on Shaily Engineering stocks as it undergoes a significant stock split. The company’s board of directors recently announced a subdivision of shares, reducing the face value from ₹10 per share to ₹2 per equity share. The record date for the stock split has been set for November 23, 2023. Shareholders holding the stock after the market closes on Thursday will qualify for the benefits of the stock split.
In a statement to the Indian stock market bourses, Shaily Engineering provided details about the stock split, stating, “The Board of Directors of the Company has fixed the Record date as 23rd November 2023 for the purpose of sub-division of one (1) equity share of the Company having a nominal value of Rs. 10 (Rupees Ten only) each fully paid up into five (5) equity shares having a nominal value of Rs. 2 (Rupees Two only) each fully paid-up.”
This decision follows an earlier announcement in September 2023, where Shaily Engineering Ltd informed Indian exchanges about the stock split. The company stated, “Sub-division / split of existing Equity Share of the Company from one (1) equity share having a face value of Rs. 10/- each fully paid-up into five (5) Equity Shares of face value of Rs. 2/- (Rupees Two only) each fully paid-up. The Record Date for such Sub-division / split of equity shares will be intimated in due course.”
After a nearly five-year hiatus from corporate actions, Shaily Engineering Ltd is undergoing this stock split. According to information available on the BSE website, the last corporate action took place on August 2, 2018, when Shaily Engineering shares traded ex-dividend to determine eligible shareholders for the payment of ₹7.50 per share interim dividend for the financial year 2018-19. This recent stock split marks a significant move by the company’s board after an extended period of inactivity.
