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JBM Auto on Wednesday informed that its board at a meeting held today has approved the proposal of sub-division of equity share or stock split of every equity share having face value of 5 into equity shares having face value of 2 each, which is subject to shareholders approval.

The company's board has also considered and approved the alteration of ‘Capital Clause - Clause V’ of the Memorandum of Association of the company, it added.

JBM said that the stock split decision is taken to facilitate more liquidity of the Company's equity shares in the stock market and to widen shareholder’s base and to make the shares affordable to small investors.

“The Board of Directors of the Company had considered and approved inter-alia the following matters in its meeting held today i.e. 08th December, 2021 recommended the proposal of sub-division of Equity Share having face value of Rs. 5 /- each fully paid up into Equity Shares having face value of Rs. 2/- each fully paid up at the record date to be determined as authorized by the Board of Directors, subsequent to the approval of shareholders through Postal Ballot (e-voting process)," JBM Auto announced in an exchange filing today.

Shares of JBM Auto rose at the closing hour in Wednesday's session on the BSE after slipping in the negative territory in afternoon deals.

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