Home / Markets / Stock Markets /  Board of this auto ancillary stock approves 1:5 stock split: Details here

With a market worth of Rs. 2,488.40 crores, Steel Strips Wheels Ltd. is a small-cap company that engages in the auto ancillary industry. The company is a pioneer in the construction and production of steel and alloy automobile wheels. The company has production plants in Dappar (Punjab), Oragadam (Chennai), Jamshedpur (Jharkhand), Mehsana (Gujarat) and Saraikela (Jharkhand) in addition to its headquarters in Chandigarh. The total annual production capacity of these facilities is about 20 million wheels. The company's Board of Directors has approved a 1:5 stock split which the existing shareholders and potential buyers should be aware of.

The company has said in a regulatory filing that “In continuation to our letter dated 30.09.2022, we wish to inform you that, at the 36th Annual General Meeting (AGM) of the company held today i.e. on 30.09.2022, the shareholders of the company have interalia approved Sub-division of equity shares of the company from the existing 1 (one) equity share of face value of 5 each into 5 (Five) equity shares of face value of Re. 1/- each. The Record Date for the purpose of sub-division of equity shares shall be intimated in due course."

Stock split details of Steel Strips Wheels as per the data available on the stock exchange filings

Split ratio: 1:5 i.e. existing one (1) equity share of face value of 5/- each will split into five (5) equity shares of face value of Re. 1/- each.

The company has said in a regulatory filing that “The Authorised Share Capital of the Company is Rs. 3640.00 Lacs (Rupees Three Thousand Six Hundred Forty Lacs only) divided into 190,000,000 (Nineteen Crore) equity shares of face value of Re. 1/- each and 12,00,000 (Twelve Lacs) Optionally Convertible Preference Shares of Rs, 145/- each, cumulative or non-cumulative."

The shares of Steel Strips Wheels Ltd closed on Friday at 800.00 on the NSE, up by 3.98% from the previous close of 769.40. On Friday the stock recorded a total volume of 66,893 shares compared to the 20-Day average volume of 38,238 shares. In the last 1 year, the stock has fallen 10.70% and on a YTD basis, the stock has fallen 6.36% so far in 2022. On the NSE, the stock had touched a 52-week-high of 964.00 on (19-October-2021) and a 52-week-low of 676.70 on (27-January-2022) indicating that at the current price level the stock is trading 17.01% below the high and 18.22% above the low. For the quarter ended June 2022, the company recorded a promoter shareholding of 62.60% (down by 0.17% QoQ), FIIs holding of 0.07% (down from 0.14% QoQ), DIIs holding of 0.44% and a public shareholding of 36.89% (up from 36.65% QoQ).

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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