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Shares of IRB Infra on Tuesday climbed greater than 3 per cent in early morning offers on the again of the announcement of the file date for the sub-division of fairness shares. The counter quoted Rs 277 apiece on NSE, up 3.50 per cent from the earlier shut of 267.35.
The board of the freeway infrastructure developer had on Monday introduced the file date for the break up. As per the submitting, the file date for figuring out the eligibility of shareholders for the break up is February 22.
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The firm had final month permitted the sub-division of shares in a ratio of 10:1. It signifies that IRB Infra will break up its one fairness share into 10 fairness shares.
Once the break up takes impact, the present face worth of every share might be Re 1 and likewise the market worth might be adjusted in the identical ratio.
“The board considered the proposal for sub-division of 1 equity share of the Company having a face value of Rs 10 each into 10 equity shares having face value of Rs 1 each, subject to regulatory/statutory approvals,” the corporate stated.
The rationale behind the break up is to boost the liquidity out there, to widen the shareholder base and make the shares extra inexpensive to small traders.
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The inventory break up announcement comes at a time when the freeway infrastructure developer firm completes 25 years of incorporation. IRB Infra is the biggest built-in non-public toll roads and highways infrastructure developer in India.
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Source: www.indiatvnews.com
