IOL Chemicals shares fly 5% as board approves 1:5 stock split; details here

The rise in the IOL Chemicals share price came after the company's board of directors approved 1:5 stock split

IOL Chemicals share price: IOL Chemicals and Pharmaceuticals share price soared as much as 5.22 per cent to hit an intraday high of Rs 431.35 per share on Monday, December 30, 2024. 

 

The rise in the IOL Chemicals share price came after the company’s board of directors approved the sub-division / split of each equity share of face value of Rs 10 each, fully paid-up into 5 equity shares of face value of Rs 2 each, fully paid-up, by alteration of Capital Clause of the Memorandum of Association of the Company. 

 

A stock-split involves dividing existing shares into smaller units, increasing the number of shares without altering the overall value.

 

In an exchange filing, IOL Chemicals said, “We wish to inform you that the Board of Directors of the Company, at its meeting held on December 27, 2024, has approved, inter alia, the sub-division / split of each equity share of face value of Rs. 10 (Rupees Ten only) each, fully paid-up into 5 (Five) equity shares of face value of Rs 2 (Rupee two only) each, fully paid-up, by alteration of Capital Clause of the Memorandum of Association of the Company.” 

 

The proposed sub-division/split is subject to the approval of the Shareholders through Postal Ballot process, IOL Chemicals said.

 

“The Record Date for determining eligibility for the sub-division/split will be communicated in due course,” the company revealed.

 

About IOL Chemicals

 

Established in 1986, IOL Chemicals is among the leading generic pharmaceutical companies, and is a major player in the organic chemicals space. 

 

IOL Chemicals has a wide presence across various therapeutic categories like pain management, anti-convulsants, anti-diabetes, anti-cholesterol and anti-platelets.

 

The Company’s product portfolio includes APIs; Ibuprofen, Metformin, Fenofibrate, Clopidogrel, Lamotrigine, Pantoprazole, Paracetamol and specialty chemicals such as Ethyl Acetate, Iso Butyl Benzene, Mono Chloro Acetic Acid and Acetyl Chloride. 

 

The company is the world’s largest producer of Ibuprofen with an installed capacity of 12,000 TPA and having backward integrated manufacturing facility. 

 

The market capitalisation of IOL Chemicals is Rs 2,481.78 crore, according to BSE. The company falls under the BSE SmallCap category.

 

The 52-week high of the stock is Rs 537.05 per share while its 52-week low is Rs 333 apiece.

 

At 9:39 AM, shares of IOL Chemicals were trading 3.12 per cent at Rs 422.75 per share. In comparison, BSE Sensex was trading 0.22 per cent lower at 78,523.70 levels.