Waterways Leisure Tourism share price climbed nearly 3% in morning trade on the BSE on Thursday, 13 August, looking set to snap its four-day losing run, after the company announced the record date for the proposed stock-split.
Waterways Leisure Tourism, newly-listed stock from the tour and travel sector, post-market hours on Wednesday, August 12, announced Wednesday, 26 August, as the record date for the subdivision of its shares.
The record date will determine the eligibility of shareholders for the proposed stock split of the existing one share of face value of ₹10 into 10 shares of face value of ₹1 each.
Waterways Leisure Tourism 1:10 stock split
Waterways Leisure Tourism, one of India's leading domestic ocean cruise operators, on 10 July, announced that its board had approved a 1:10 stock split.
The company, on 12 August, announced that its shareholders had approved the proposed sub-division of the Company's equity shares in a 1:10 ratio through a postal ballot. The resolution received the requisite majority of votes cast by the company's shareholders.
Waterways Leisure said the sub-division is aimed at making its equity shares more accessible to a wider investor base, particularly retail investors, while facilitating greater participation and liquidity in the secondary market.
The company's paid-up share capital will remain unchanged at ₹72.4 crore, while the The number of equity shares will increase from 7,23,94,543 shares of ₹10 each to 72,39,45,430 shares of ₹1 each, fully paid up, following completion of the corporate action.
"The approval of the 1:10 share split marks another important milestone in Waterways Leisure Tourism's journey as we build a stronger and more accessible listed company. The decision reflects our commitment to making participation in our growth journey more accessible to a wider base of investors, while supporting greater liquidity and engagement in our equity," said Jurgen Bailom, Chairman of the Board, Executive Director and CEO, Waterways Leisure Tourism.
Waterways Leisure Tourism share price trend
Waterways Leisure Tourism's share price debuted in the Indian stock market on 1 July this year.
At the current price of ₹848.55, the stock is up 5% from its issue price of ₹808. The stock hit a record high of ₹925.05 on 21 July after hitting a record low of ₹623.30 on the listing day on 1 July.
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