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Stock split news: This smallcap stock up 400% in one year fixes record date for stock split
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The board of Suratwwala Business Group has approved the subdivision of equity shares in a 1:10 ratio. This means that each share of the company with a face value of ₹10 each will be split into 10 equity shares with a face value of Re 1 each on the given record date.
Suratwwala Business Group Ltd. has announced its record date for the purpose of stock split. The company informed about the same through an exchange filing on Friday, March 29. The company has fixed April 18, 2024, Thursday as the record date for the aforementioned corporate action.
The board of Suratwwala Business Group has approved the subdivision of equity shares in a 1:10 ratio. This means that each share of the company with a face value of ₹10 each will be split into 10 equity shares with a face value of Re 1 each on the given record date.
In an exchange filing, the company said, “We wish to inform that the Board of directors of Suratwwala Business Group Limited at its meeting held on Friday March 29, 2024 has fixed Thursday, April 18, 2024 as the ‘Record Date’ for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of existing Equity Shares of the Company, such that existing 1 (One) Equity Share having a face value of ₹10 (Ten) each into 10 (Ten) Equity Shares of ₹1 (One) each, fully paid up, ranking pari passu in all respects.”
Stock split is usually done to increase the stock’s liquidity in the market. On the ex-split date, investors holding the stock till the record date will receive the new shares in demat accounts and the stock price will be adjusted according to the split ratio.
Shares of Suratwwala Business Group Ltd closed 0.97% higher at ₹872.15 apiece on Thursday (March 28). The stock has risen 44% so far this year and has rallied nearly 400% in the last one year.
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