Akashdeep Metal Inds board OKs 1:5 stock split

Akashdeep Metal Industries said that its board has also approved subdivision of one equity share having face value of Rs 10 each into five equity shares having face value of Rs 2 each.

"The record date for the purpose of sub-division of equity shares shall be decided after obtaining approval for sub-division from the members through postal ballot and will be intimated in due course, the company said in a statement.

It further stated that the split is being done in order to encourage participation of small investors by making it more affordable & consequently enhance liquidity of the company's equity shares.

The firm expects to complete the said stock split in approximately 2-3 months from the date of receipt of approval of the shareholders of the company.

Akashdeep Metal Industries is a non-banking finance company (NBFC). The company is engaged in buying, investing, acquiring, holding shares, stocks, debentures, debentures-stock, bonds, mutual fund. The company is providing loans and advances to industrial enterprises, corporations and individuals. It also provides loans against shares of primary and secondary market. The company's subsidiary is Anmol Financial Services Limited.

The company's consolidated net profit surged to Rs 0.85 crore in the quarter ended September 2022 as against Rs 0.34 crore during the previous quarter ended September 2021. Sales rose 136.36% to Rs 4.94 crore in Q2 FY23 from Rs 2.09 crore in Q2 FY22.

The scrip fell 3.52% to currently trade at Rs 126 on the BSE.

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