Prakash Steelage board nod for sub-division of shares; stock dips 3%

The board has approved stock split into 10 shares of Re 1/- each

Shares of Prakash Steelage were down after the board of directors at its meeting held on December 29, 2015 approved some proposals including stock-split of equity shares for approval of members through postal ballot.

The board approved sub-division of equity shares of face value of Rs 10/ each to 10 equity shares of Rs 1/- each, the company said in a release.

The board has also approved dissolution of wholly-owned subsidiary - Pioneer Stainless and Alloys FZC, UAE.

Further, the board has approved dilution of company's equity stake in the Joint Venture Company i.e.,Tubacex Prakash India Private Limited not exceeding 12.47% by way of sale to Tubacex S.A, Spain, the other Joint Venture Partner, the release added.

The stock opened at Rs 146 and touched a low of Rs 137. At 11:50am, over 3,700 shares were traded on both the stock exchanges.