The board of directors of textile Company on October 5 had approved the sub division of one equity share of Rs 10 each in the company into two equity shares of Rs 5 each.
The company has fixed November 30, 2016 as the record date for determining the members of the company who are entitled for the subdivided equity shares.
A stock split is usually done by companies that have seen their share price increase to levels that are either too high or are beyond the price levels of similar companies in their sector. The primary motive is to make shares seem more affordable to small investors even though the underlying value of the company has not changed.
Thus far in the calendar year 2016, the stock outperformed the market by gaining 37% as compared to 1.7% rise in the S&P BSE Sensex.
Till 12:43 PM; a combined 22,892 shares changed hands on the counter on the NSE and BSE.