Key Decisions Approved:
1. Stock Split Approval:
The Board considered and approved the sub-division/split of the face value of equity shares of the Company. The specific split ratio is 1:10, meaning each existing equity share with a face value of ₹10 will be subdivided into 10 equity shares with a face value of ₹1 each. This approval is subject to shareholder approval.
2. Memorandum of Association Alteration:
The Board approved consequential alteration of Clause V of the Memorandum of Association of the Company to reflect the sub-division of equity shares, subject to the approval of the shareholders of the Company.
Detailed Split Information:
Rationale: To enhance liquidity of the Company's equity shares and encourage wider participation of retail investors by making the shares more affordable.
Share Capital Structure Impact:
- Authorized Share Capital: Pre-split: 2,00,00,000 shares of ₹10 each (₹20 crore); Post-split: 20,00,00,000 shares of ₹1 each (₹20 crore)
- Issued Share Capital: Pre-split: 1,29,72,196 shares of ₹10 each (₹12.97 crore); Post-split: 12,97,21,960 shares of ₹1 each (₹12.97 crore)
- Subscribed Share Capital: Pre-split: 12,972,196 shares of ₹10 each; Post-split: 129,721,960 shares of ₹1 each
- Paid-up Share Capital: Pre-split: 1,29,72,196 shares of ₹10 each (₹12.97 crore); Post-split: 12,97,21,960 shares of ₹1 each (₹12.97 crore)
Implementation Timeline: The expected time of completion is subject to shareholders' approval and receipt of necessary statutory/regulatory approvals, if any.
Record Date: The record date for determining the eligibility of shareholders will be intimated separately in due course.
Class of Shares Affected: Equity Shares
Regulatory Compliance: The disclosure is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular dated 13th July, 2023.