Hi-Tech Pipes has fixed the record date for stock split. The company in an exchange filing informed that the board at a meeting on Friday fixed the record date for the sub-division of its equity shares in the ratio of 10:1. It means that each equity share will be sub-divided into 10 shares.
The current face value of each share of the company is Rs 10. Once the split takes effect, the new face value will be Re 1.
According to the filing, the company has obtained approval from its members for the sub-division of each equity shares.
"This is to inform you that members of the company through postal ballot have approved sub-division of equity shares of the company from one equity share of the face value of Rs 10 each to 10 equity shares of face value of Re 1 each," the filing said.
The record date for determining the eligibility of shareholders for the split is March 17.
"The company has fixed Friday, i.e. March 17, 2023 as the record date, to ascertain the names of shareholders entitled for sub-division (split) of each of the equity share...," it added.
Hi-Tech Pipes, a leading pipe manufacturer and supplier, in Q3FY23 reported a 28 per cent rise in the net profit at Rs 13.02 crore compared to Rs 10.17 crore in the same quarter last financial year.
Shares of Hi-Tech Pipes have zoomed a whopping 65 per cent in the last one year. The stock quoted at Rs 849 at close on Friday. Its 52-week range is Rs 989.65 - Rs 393.20.
