Latest News | Business Brief Hardwyn India to Subdivide Share in 1:10 Ratio

New Delhi, May 3 (PTI) Steel products maker Hardwyn India on Wednesday said it has fixed June 5 as the record date to split its shares in the ratio of 1:10.

The current face value of each share is Rs 10 and after the split, the new value of each share would be Re 1.

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In a statement, the company announced its share will be divided in the ratio of 1:10.

"The record date is on Monday, 5 June 2023 for the purpose of sub-division of 1 equity share of Rs 10 each into 10 equity shares of Re 1 each fully paid up," Hardwyn India said.

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Besides, it will also issue one bonus share for every three shares to eligible shareholders.

The rationale behind the split and bonus is to increase the liquidity and make the shares price affordable to widen the shareholders base, the company said.

Shares of the company settled 0.46 per cent up at Rs 367.30 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)