Small-cap stock to turn ex-split next week. 5 things you should know
1 min read 24 Jun 2022, 07:46 AM ISTDividend paying stock has fixed 28th June 2022 as record date for stock split
PremiumDividend paying small-cap company Salasar Techno Engineering Limited is going to turn ex-split stock next week. The board of directors of the company has fixed 28th June 2022 as record date for stock subdivision. The company board has already recommended stock split in 10:1 ratio after which its existing face value will change from ₹10 per equity share to Re 1 per equity share. The board of directors of the company has also approved raising of fund to the tune of ₹200 crore by way of a preferential allotment and/or through QIP, FCCB, ADRs. In May 2022, company board has recommended 10 per cent dividend for shareholders payable for financial year 2021-22.
Salasar Techno Engineering Limited informed Indian bourses about the record date for stock split citing, "Pursuant to Reg. 42 of the Listing Regulations and relevant provisions of the Companies Act, 2013 and Rules made thereunder, the Company has fixed Tuesday, June 28, 2022, as the Record Date for the purpose of determining Record Date for sub-division/split of equity shares the eligibility of shareholders for the purpose of sub-division/split of each Equity Shares having face value of Rs. 10/- (Rupees Ten Only) each, fully paid-up into Ten (10) equity shares having face value of Rs. 1/- (Rupees One Only) each fully paid up."
Here we list out 5 company board recommendations that shareholders should know:
1] Stock split: The company board has recommended 10:1 stock split.
2] Cut-off date: The company board has fixed 28th June 2022 as record date for stock split.
3] Change in face value of scrip: After stock split, face value of Salasar Techno shares will change from ₹10 per equity share to Re 1 per equity share.
4] Dividend: On 30th May 2022, the board of directors of the company has recommended a dividend of Re 1 (10 per cent) for the financial year 2021-22, which is subject to approval by shareholders and members at the ensuing AGM.
5] ₹200 crore fund raise: The board of directors of the company at their meeting held on 22nd June 2022 approved raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to ₹200 Crores (Rupees Two Hundred Crore), by way of a preferential allotment and/or through QIP, FCCB, ADRs.
