Visaka Industries on Wednesday (22 February 2023) announced that its board has approved 5-for-1 stock split.
The company's board approved the sub-division of one equity share having a face value of Rs 10 each fully paid up into five equity shares of Rs 2 each fully paid-up, subject to the approval of shareholders of the company.
The record date for the sub-division of equity shares will be decided by the board and will be intimated to the exchanges, said the company.
Visaka Industries stated that the rationale behind the split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.
The firm added that the sub-division is expected to be completed within three months from date of members approval.
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Visaka Industries is engaged into the business of manufacture, trading and construction activity of cement fibre sheets, fibre cement boards & panels, solar panels, synthetic yarn and trading of green products, eco-friendly products, sustainable products, organic products.
The company's consolidated net profit slumped 86% to Rs 3.35 crore in Q3 FY23 from Rs 23.99 crore posted in Q3 FY22. Net sales rose marginally to Rs 356.52 crore during the quarter.
Shares of Visaka Industries were down 0.56% to Rs 383.60 on the BSE.
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