JK Tyre & Industries Ltd today said that its board has approved splitting its equity shares in 1:5 ratio.
"The Board of Directors of the company at its meeting held on September 25, 2014, has approved sub-division of 1 equity share of the face value of Rs 10 each into 5 equity shares of face value of Rs 2 each," JK Tyre & Industries said in a filing to BSE.
However, it further added that the sub-division "is subject to approval of the members and any other statutory and regulatory approvals".
Earlier, this week JK Tyre & Industries Ltd had informed that it was considering a stock split plan and its board will take up the matter today.
As per information available on the BSE, the company has a total of 4,10,59,346 shares, out of which 47.34 per cent is held by promoter group, while the public holding is 52.66 per cent.
Shares of JK Tyre & Industries today closed at Rs 449.30 per share, down 7.02 per cent from the previous close on the BSE.
