Premier Explosives gains as board OKs 1:5 stock split

Premier Explosives advanced 2.91% to Rs 2,079.95 after its board approved the sub-division of 1 equity share having face value Rs 10 into 5 equity shares of face value Rs 2 each.

The record date for the purpose of sub-division/split of existing equity shares will be intimated in due course, stated the company.

Meanwhile, the companys board approved raising of funds upto Rs 400 crore through issuance of instruments or securities including equity shares or any other eligible securities by way of one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering, in one or more of the tranches.

Premier Explosives is engaged in manufacture of high energy materials like bulk explosives, packaged explosives, detonators, detonating fuse, solid propellants, pyrogen igniters, pyro devices, etc., having applications in mining, infrastructure, defence, space, homeland security and such other areas.

The company had reported a consolidated net profit of Rs 1.71 crore in the quarter ended December 2023 as against Rs 0.63 crore during the previous quarter ended December 2022. Sales rose 19.46% to Rs 44.56 crore in Q3 FY24 over Q3 FY23.

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