Mahindra & Mahindra gains 4% post stock split

Mahindra & Mahindra has gained 4% at Rs 560. The stock today is traded at the ex-split price, the face value of stock is now Rs Rs 5 paid-up from Rs 10 paid-up earlier.

The company had fixed March 30, as the 'Record Date' for the purpose of ascertaining the list of shareholders who would be entitled to receive two equity shares of the face value of Rs 5 each in lieu of every one equity shares of the face value of Rs 10 held by them.

Today, the company announced that the board of directors will meet tomorrow to consider a Scheme of Arrangement between Mahindra Shubhlabh Services (MSSL), a subsidiary and Mahindra & Mahindra and their respective shareholders and creditors which inter alia envisages demerger of the agri inputs business of MSSL into the company.

The stock opened at Rs 545 and touched high of Rs 564. The counter has seen trades of around 164,000 shares so far on the BSE.