“This is to inform that the Board of Directors of the Company has, at its meeting held on Friday, May 24, 2024 (i.e. today), inter-alia, considered and approved the following items: Sub-division/ split of existing equity shares of face value of Rs. 10/- each, fully paidup, by alteration of Capital Clause of the Memorandum of Association of the Company,” said the company filing to the stock exchanges.
The split, as stated by the company, is being carried out with a view to enhance the liquidity of the company’s equity shares and to encourage participation of retail investors by making equity shares of the company more affordable.
The process of the stock split is expected to be completed in 2 to 3 months from the date of approval of the shareholders.
As per the authorized share capital, 4 crore shares of the company with a face value of Rs 10 will stand at 40 crore shares with a face value of Re 1.Also read: Hindalco Q4 Results: Profit jumps 70% YoY to Rs 1,412 crore, beats estimatesRushil Decor has also approved the alteration of capital clause of the memorandum of association of the company on account of above sub-division/ split of equity shares along with the allotment of 65,000 equity shares 2 allottees who are non-promoters.The equity share allotment is based on a conversion of 65,000 convertible warrants which were allotted on a preferential basis.
Founded in 1993, Rushil Decor is one of the leading companies in the laminate and MDF panel boards industry in India with a global footprint in and around 51+ countries.
Shares of Rushil Decor closed 3% higher on the BSE on Friday at Rs 315.85.
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