Jindal Saw Limited has announced that its Board of Directors has approved a proposal to split the company’s equity shares in a 2:1 ratio. The decision was made during a board meeting held on August 23, 2024. The stock split will reduce the face value of the company’s existing fully paid-up equity shares from ₹2 each to ₹1 each.
“The proposal for alteration in the equity share capital of the Company by sub-division/split of existing equity shares having face value of Rs. 2/- each, fully paid up into face value of Re. 1/- each, fully paid up,” the company said in exchange filing.
This proposal is subject to shareholder approval and will also lead to an alteration in the Capital Clause (Clause V) of the company’s Memorandum of Association to reflect the new face value of the equity shares.
The stock split is expected to enhance the liquidity of the shares in the market, making them more accessible to a broader range of investors.
As of 2:00 PM the shares were trading 2.83% higher at ₹707.50 on NSE.
