Exxaro Tiles Ltd. has announced its first-ever stock split, dividing each current equity share into ten. The plan, which is subject to shareholder approval, intends to increase liquidity and broaden market participation by attracting smaller investors, according to a statement filed with the stock exchange.
As per the company’s filing on the exchange, “the Board of Directors of the Company at their meeting held today, 14th October 2024 has inter-alia;
1. Approved the sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 10 (Ten) Equity Shares of face value of Rs. 1/- (Rupees One Only) each fully paid up, subject to shareholders approval. The record date for the purpose of above sub-division/ split of Equity Shares shall be decided after obtaining approval for sub-division/ split from the shareholders through postal ballot electronic voting process and will be intimated in due course.”
Following the stock split, every 10,000 shares now owned will be transformed into 100,000 shares. The record date for the split will be known once shareholder approval is obtained
The decision is part of Exxaro Tiles’ objective to make its shares more accessible and tradeable, especially in light of recent government efforts boosting infrastructure development, which have boosted the sector significantly.
On Tuesday, at the time of filing, the shares of Exxaro Tiles were trading at Rs 94.75. The 52 week high and low of the share is Rs 146.90 and Rs 76.02 respectively. According to the BSE analytics, the shares have given returns of negative returns of 31.16 per cent in the last 1 year.
