Hardwyn India shares are in focus ever since the company approved sub-division of equity shares and bonus issuance. The shares of the architectural hardware maker will turn ex-date for bonus and sub-division on Monday (June 5).
The company has informed exchanges that its board has fixed the record date for the twin corporate actions and also approved the financial results.
Hardwyn India which clocked a surge of 165 per cent in net profit to Rs 9 crore in the financial year 2023, has announced that the board has approved split in the ratio of 1:10 and bonus in the ratio of 1:3.
The face value will be sub-divided from Rs 10 to Rs 1, according to an exchange filing. The company will also issue one share as a bonus for every 3 shares.
"The company has fixed, Monday, 05th June 2023 as the Record Date, for the purpose of Sub-division of Equity Shares (all the Authorized, Issued, Subscribed and Paid-up Equity Shares of nominal value of Rs 10/- (Rupees Ten Only) each shall stand sub-divided into 10 (Ten) Equity Shares of nominal value of Re. 1/-(One Rupee) each fully paid-up," the company said.
"Issuance of Bonus Equity Shares of the company in the proportion of 01 (One) Equity Shares of Re. 1/- each for every 03 (Three) existing Equity Share of Re. 1/- each," it added.
The rationale behind the split and bonus is to increase the liquidity and make the shares price affordable to widen the shareholders base. Accordingly, the market price shares are adjusted in the declared ratio of split and bonus.
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