 "Lux Industries surges on stock split plan")
Lux Industries has surged 10% to Rs 3,338 on the National Stock Exchange (NSE) in early morning trade after the company said its board will consider sub-division of equity shares of the company of face value of Rs 10 each into a lower denomination.
“A meeting of the board of directors of the company will be held on April 12, 2016, to consider and approve the sub division of equity shares of the company,” Lux Industries said in a statement.
A stock split is usually done by companies that have seen their share price increase to levels that are either too high or 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.
The company engaged in apparels & accessories business has low equity capital of Rs 5.05 crore. The promoters held 73.71% stake, while the remaining 26.29% holdings are with the public shareholders.
“A meeting of the board of directors of the company will be held on April 12, 2016, to consider and approve the sub division of equity shares of the company,” Lux Industries said in a statement.
A stock split is usually done by companies that have seen their share price increase to levels that are either too high or 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.
The company engaged in apparels & accessories business has low equity capital of Rs 5.05 crore. The promoters held 73.71% stake, while the remaining 26.29% holdings are with the public shareholders.
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