rushil decor stock price: Rushil Decor announces stock split in 1:10 ratio
“This is to inform that the Board of Directors of the Company, at its meeting held on Friday, May 24, 2024 (i.e. today), have considered and approved, inter alia, the following items: Spin-off/Demerger of existing equity shares having par value of Rs. 10/- each has been paid in full as per change in the capital provisions of the Memorandum of Association of the Company,” the company said in a filing to the stock exchanges.
As stated by the company, the spin-off is being done with the objective of increasing the liquidity of the company’s shares and encouraging the participation of retail investors by making the shares of the company more affordable.
The stock split process is expected to be completed within 2 to 3 months from the date of shareholder approval.
As per the authorized share capital, 4 million shares of the company with par value of Rs 10 will become 40 million shares with par value of Re 1. Also Read: Hindalco Q4 Results: Profit at Rs 1,412 crore, up 70% year-on-year. , beat estimates Rushil Decor also approved changes in the capital provisions of the company’s articles of association and allotment of 65,000 shares to two allottees who are non-promoters on account of the above share split/demerger. The share allocation is based on the conversion of 65,000 shares of the preferred convertible notes.
Established in 1993, Rushil Decor is one of the leading companies in the Laminate and MDF Panel Board industry in India, with presence globally in over 51 countries.
Shares of Rushil Decor closed 3 per cent higher at Rs 315.85 on the BSE on Friday.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of The Economic Times.)
