Exxaro Tiles Ltd. announced its first-ever stock split in the ratio of 1:10 on Monday. The company’s board of directors approved the split to enhance liquidity and encourage wider participation from small investors. This decision is now subject to shareholder approval.
The stock split will reduce the face value of each equity share from ₹10 to ₹1. The record date for the stock split will be determined after the shareholders give their nod. The company expects the process to be completed within two to three months after approval.
As of 9:32 AM, Exxaro Tiles shares were trading 1.33% higher at ₹94.61 on the NSE.
The company’s total income for Q1 FY24 stood at ₹60.04 crore, while it reported a loss of ₹4.27 crore. Exxaro Tiles, established in 2008, is involved in the manufacturing and marketing of vitrified tiles, including double-charge vitrified tiles and glazed vitrified tiles made from ceramic materials like quartz, clay, and feldspar.
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