INSUBCONTINENT EXCLUSIVE:
The board of confectionary major Britannia Industries today approved share split in 1:2 ratio to make the stock more affordable for the
small retail investors and increase liquidity.
The Kolkata-based company will split the shares with a face value of Rs 2 into two equity
shares of Re 1 each.
The company said in a regulatory filing that the division would be subject to the approval of the members and
authorities as applicable.
"There had been a significant rise in the market price of the equity shares of the Company over a period of last
one year," it said.
"In order to improve the liquidity of the Company's Equity Shares in the Stock Markets and to make them more affordable
for the small retail investors, it is proposed to sub-divide Equity Shares of face value of Rs 2 each into 2 Equity Shares of the face value
of Re 1 each," it added.
Britannia has authorised share capital of Rs 50 crore of 25 crore shares
Besides it has 12.01 crore equity shares of Rs two each.
Post split, it would be "Rs 50 crore divided into 50 crore equity shares of the
face value of Re 1 each," it said
Similarly, it would have 24.03 crore equity Shares of Re 1 each.
The company expects it to complete within "3-4 months from the date of
Board approval".
Britannia Industries has also amendment its Articles of Association and all other applicable provisions regarding
it.
Britannia Industries stock closed 0.43 per cent up at Rs 6,883.75 on BSE.
