With a market worth of ₹132.23 Cr, Akashdeep Metal Industries Ltd. is a small-cap company that operates in the financial services industry. The Reserve Bank of India recognised Akashdeep Metal Industries Limited as an NBFC in 1983, allowing it to provide a variety of financial services. The company’s board of directors declared a 1:5 stock split during their meeting today, which market observers may monitor.
The Board of Directors of the company said today in a stock exchange filing that “In furtherance to our intimation dated November 23rd, 2022 and in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that the Board of Directors of the Company at their meeting held on today i.e., December 12th, 2022, have inter-alia considered and approved Sub-divison (split) of existing 1 (One) Equity Share of the Company having a face value of Rs. 10/- (Rupees Ten only) each fully paid up into 5 (Five) Equity Shares having a face value of Rs. 2/- (Rupees Two only) each fully paid up, subject to shareholders’ approval. Further, the record date for the purpose of sub-division of Equity Shares shall be decided after obtaining approval for sub-division from the members through postal ballot and will be intimated in due course.”
To encourage participation of small investors by making it more affordable & consequently enhance liquidity of the Company’s equity shares, highlighted the Board members as rationale behind the split. They further informed stock exchanges that the expected time completion is approximately 2-3 months from the date of receipt of approval of the shareholders of the Company. The authorized share capital of the company is Rs. 11,51,00,000/-, divided into 5,75,50,000 each.
The shares of Akashdeep Metal Industries Ltd closed today at ₹125.90 apiece, down by 3.60% from the previous close of ₹130.60. The stock recorded a total volume of 32,225 shares compared to the 20-Day average volume of 19,859 shares. The stock has produced multibagger returns of 244.93% over the past five years and 450.98% over the past three years. The stock has produced a multibagger return of 162.29% over the last year, and it has produced a multibagger return of 151.05% during the course of 2022 so far on a YTD basis. The stock had touched a 52-week-high of ₹174.50 on (07/10/2022) and a 52-week-low of ₹33.30 on (24/03/2022).
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Read More: Multibagger stock declares 1:5 stock split after rallying over 150% YTD