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Shares of metal pipes producer Hi-Tech Pipes will flip ex-split on Friday, March 17. The firm has introduced to separate its shares within the ratio of 10-for-1 (10:1), that means every share having a face worth of Rs 10 will probably be sub-divided into 10 shares. The new face worth of every share will probably be Re 1 after the cut up takes impact. Also, the market worth of every share may even be adjusted within the cut up ratio.
“In continuation to our earlier communication dated March 03. 2023 with respect to Sub-Division of One (1) Equity Share of face worth of Rs. 10/- every absolutely paid up into Ten (10) Equity Shares of Re. I/- every absolutely paid up w.e.f. the file date i.e. March 17,” the corporate stated.
The rationale behind the cut up is to boost the liquidity available in the market and widen the shareholder base. Besides, it additionally makes the shares extra inexpensive to small traders. The firm within the first week of March had obtained approval from its members for the sub-division of every fairness share.
“This is to inform you that members of the company through postal ballot have approved sub-division of equity shares of the company from one equity share of the face value of Rs 10 each to 10 equity shares of face value of Re 1 each,” the March 5 submitting stated.
The metal processing firm on Wednesday knowledgeable exchanges in regards to the 12-digit International Securities Identification Number (ISIN).
“The Depositories have allotted New ISIN: INE106T01025 to the company. Please be informed that the shares with reduced face value will take effect in the new ISIN,” the submitting learn.
The small-cap firm with a market cap of Rs 1.13 thousand crore reported a 28 per cent bounce in internet revenue YoY within the December quarter at Rs 13.02 crore. Hi-Tech Pipes shares have yielded a large return of round 72 per cent within the final one 12 months. The inventory closed at Rs 877.25 on Wednesday.
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Source: www.indiatvnews.com
