te Share split: BCL Industries declared sub-division of equity shares, fixes record date | Zee Business

Share split: BCL Industries declared sub-division of equity shares, fixes record date

Share Split 2023: BCL Industry in an exchange filing said that its board has also fixed the record date for ascertaining the eligibility of shareholders for the sub-division.

Share split: BCL Industries declared sub-division of equity shares, fixes record date
The face value of each equity share of the small-cap company will be split from Rs 10 to Re 1.

Share Split 2023: Distilleries major BCL Industries has announced the sub-division of equity shares. A sub-division or split is simply one of the corporate actions wherein a listed company bifurcates the face value of each equity share in order to increase the total number of equity shares in the secondary market.

BCL Industry in an exchange filing said that its board has also fixed the record date for ascertaining the eligibility of shareholders for the sub-division.

The face value of each equity share of the small-cap company will be split from Rs 10 to Re 1. It means that each share will be subdivided into 10 shares.

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"Every 1 equity share having nominal/face value of Rs 10 each be sub-divided into 10 equity shares having nominal/face value of Rs 1 each fully paid-up," the company said in a regulatory filing.

"The Board of Directors of the company has passed the necessary resolution by circulation to fix the “Record Date” on Friday, October 27, 2023 for the purpose of sub-division," the company added in the filing.

The rationale behind the sub-division or split is to boost the liquidity in the stock as the market price is adjusted in the split ratio on the record date. A split has no impact on the market cap of the company.

BCL Industries has a market cap of Rs 1,195 crore. It is a constituent of the BSE SmallCap index. Its shares have delivered a return of 52 per cent in 2023 so far. In two years, it has yielded a return of 112  per cent. The stock has rallied more than 700 per cent in the last three years.

BCL Industries is the only company in India and the South Asian region to have a forward and backwards integrated distillery ethanol plant.

Written By: ZeeBiz WebTeam
Updated: Thu, Oct 05, 2023
02:15 pm
New Delhi, ZeeBiz WebDesk
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