Ion Exchange board approves stock split in 1:10 ratio, shares surge 4% | Mint
Active Stocks
Fri Feb 23 2024 15:27:03
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.05 -0.90%
  1. HDFC Bank share price
  2. 1,418.75 -0.07%
  1. NTPC share price
  2. 337.40 -0.63%
  1. ITC share price
  2. 410.95 -0.81%
Business News/ Markets / Stock Markets/  Ion Exchange board approves stock split in 1:10 ratio, shares surge 4%
BackBack

Ion Exchange board approves stock split in 1:10 ratio, shares surge 4%

The sub-division of one equity share of the company with a face value of ₹10 each will be split into 10 equity shares of face value of Re 1 each

The record date for the sub-division of equity shares of Ion Exchange will be decided by the board and intimated to the stock exchanges.Premium
The record date for the sub-division of equity shares of Ion Exchange will be decided by the board and intimated to the stock exchanges.

Ion Exchange shares zoomed nearly 4 per cent in Thursday's trade after the company's board has given its approval for stock split in the ratio of 1:10. The stock was trading 3.87 per cent higher at 3,495.05 per share on NSE during noon deals.

The sub-division of one equity share of the company with a face value of 10 each will be split into 10 equity shares of face value of Re 1 each.

"Sub-division of 1 Equity share of the Company having face value of INR 10/- each into 10 (Ten) equity shares having face value of INR 1/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company;," the firm said in a filing.

Explaining the rationale behind the split, the company said, "To enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors."

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.

The record date for the sub-division of equity shares will be decided by the board and intimated to the stock exchanges, the company said.

Share price of Ion Exchange has gained 3.40 per cent in the last one week. The small cap stock has gained 23.34 per cent on a year-to-date basis and 95.69 per cent during the last one year.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Apr 2023, 02:26 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App