IRB Infrastructure Developers Ltd approves stock split

The Board of Directors of IRB Infrastructure Developers Limited at their meeting held today i.e. January 04, 2023 has considered and approved the alteration in the capital of the Company by sub-division / split of existing equity share of the Company from 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid-up into 10 (ten) equity shares having face value of Re. 1 (Rupee One) each fully paid-up, subject to the approval of shareholders of the Company. The Record Date will be announced in due course.

While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, "As we approach the auspicious occasion of completing 25 years of incorporation and completion of 15 years as a listed company on Indian bourses, the board has decided to effect this stock split. As a responsible corporate, the company has progressed over these 25 years in a meaningful manner, creating toll road assets in excess of INR 60,000Crs across the group, and in the process creating significant shareholder wealth. With the mindset of further rewarding and accommodating small shareholders in the value accretive journey of the company, we thought it necessary to effect the above stock split to have a sizeable participation from this segment of investors in the company's unfolding growth journey."

The Company will now initiate for shareholders' approval and regulatory nods to bring the share split into effect for trading on stock exchanges.

Shares of IRB Infrastructure Developers Limited was last trading in BSE at Rs. 319.65 as compared to the previous close of Rs. 314.75. The total number of shares traded during the day was 341536 in over 5317 trades.

The stock hit an intraday high of Rs. 322.50 and intraday low of 310.40. The net turnover during the day was Rs. 108453458.00.

Source : Equity Bulls

Keywords

IRBInfrastructureDevelopers INE821I01014 StockSplit SubDivision