Bonus shares issue, stock split decision to be taken by this company's board next week. Details here
1 min read . Updated: 14 Oct 2022, 01:58 PM IST
Premium- A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders
Maharashtra Seamless Ltd earlier this week informed that the company's board of directors will meet next week on Monday, 17th October, 2022 to consider the bonus issue of equity shares as well as sub division of shares or stock split.
“We have to inform that the Board of Directors at its meeting scheduled to be held on Monday, 17th October, 2022 will also discuss and consider inter-alia, a) issue of bonus shares, and b) sub division/stock split of the company’s existing equity shares of ₹5/- each," the company announced in an exchange filing on the BSE.
A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company. Meanwhile, bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Maharashtra Seamless Ltd (MSL) is engaged in manufacturing of Seamless and ERW steel pipes & tubes, incorporated during year 1988. MSL is a flagship company of D P Jindal Group and is led by Executive Chairman D.P Jindal & Managing Director Saket Jindal. Maharashtra Seamless has diversified its business portfolio in Renewable Power generation and acquisition of a stake in an iron ore mine in Amapa, Brazil.
Further, in continuation to its letter dated 28th September, 2022 regarding intimation of closure of trading window, the company further confirmed that trading window for trading in securities of the Company will remain closed till 19th October, 2022.
Maharashtra Seamless shares have surged more than 78% in a year's period whereas the steel pipemaker stock is up over 67% in 2022 (year-to-date or YTD) so far.
