Small-cap company in the plywood boards/laminates industry Rushil Decor Ltd, announced stock split is in the ratio of 1:10. The company has fixed August 9, 2024, Friday, as their record date.
“This is to inform you that the Company has fixed Friday, 9th August, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of subdivision/ split of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, will be sub-divided into 10 (ten) equity shares having face value of Re. 1/- (Rupee one only) each, fully paid-up, ranking pari-passu in all respects which was approved by the Equity Shareholders,” the company said in an exchange filing.
According to the company’s statement, the split aims to increase the liquidity of its equity shares and make them more accessible to retail investors, thereby encouraging greater participation in the company’s shares.
The stock split is projected to be finalized within 2 to 3 months following approval by the shareholders.
Over the past six months, Rushil Decor shares have declined by more than 9 per cent, while over the past year, they have risen by 19 per cent.
Rushil Decor has approved amendments to the capital clause of its memorandum of association due to a subdivision/split of equity shares, including the allotment of 65,000 equity shares to non-promoter allottees.
These equity shares were issued upon the conversion of 65,000 convertible warrants that were previously allotted on a preferential basis. According to the authorized share capital, the company’s 4 crore shares with a face value of ₹10 will be consolidated into 40 crore shares with a face value of Re 1 each.
On Friday, Rushil Decor’s shares on the BSE ended the day 3 per cent higher, closing at ₹315.85.
Established in 1993, Rushil Decor is a prominent player in India’s laminate and MDF panel boards industry, with a global presence spanning over 51 countries.
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