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Shares of Titagarh Wagons have gained nearly 2.5% to Rs 723 on the BSE after the city-based company, in a filing with the Bombay Stock Exchange, announced that its board of directors had approved sub-division of equity shares of Rs 10 each into equity shares of face value of Rs 2 each subject to the consent of the shareholders and alteration of memorandum & articles of association of the company to reflect the same as well as bring the said constitutional documents in line with the provisions of the Companies Act, 2013, post market hours on Wednesday.
The company decided to split its shares in 5:1 ratio. Each share having face value of Rs. 10 will be divided in to 5 shares of Rs. 2 face value.
The company decided to split its stock in order to make its shares more affordable to small investors.
The stock opened at Rs 718, touched a high of Rs 747 and a low of Rs 718 on the BSE. A total of 206,907 shares changed hands on the BSE.
