New Delhi: Diageo-controlled United Spirits Ltd on Friday said it would seek shareholders approval for splitting its each share of face value of Rs10 into five shares of face value of Rs2 each.

The company has sent postal ballot notice to shareholders, debenture trustees and Auditors for seeking their approval for alteration of Capital Clause in the Memorandum of Association.

The company has sought approval to split equity shares having a face value of Rs10 equity share to Rs2 per equity share and to sub-divide preference shares having a face value of Rs100 per preference share into Rs10 per preference share, according to the filing.

The proposed "capital of the company is ,192,000,000/-, divided into 2,740,000,000 Equity Shares of 2/ each and 171,200,000 Preference Shares of 10/- each", United Spirits said in a regulatory filing.

The board of the company had already approved it on its meeting held on 13 April. It has also proposed that "each of the 7 per cent Non-Cumulative Redeemable Preference Shares of the Company having a face value of 00 be subdivided into 10 Preference Shares having a face value of 10."

Meanwhile, in a separate filing, United Spirits said its board is scheduled to meet on 24 May 2018 to consider the financial results for the quarter and year ended 31 March 2018.

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