Hi-Tech Pipes has set a record date for the share split. The company said in an exchange filing that the board in a meeting on Friday fixed the record date for 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 present face value of each share of the company is Rs.10. After the split takes effect, the new face value will be Rs.1.
As per the filing, the company has obtained approval from its members for the sub-division of each of the equity shares.
“You are informed that the members of the Company through postal ballot have approved the sub-division of the Equity Shares of the Company from one Equity Share of face value of Rs.10 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 for ascertaining the names of the shareholders entitled to sub-division (split) of each equity share.”
Leading pipe manufacturer and supplier Hi-Tech Pipes reported a 28 per cent increase in net profit at Rs 13.02 crore in the third quarter of FY23 as compared to Rs 10.17 crore in the corresponding quarter of previous fiscal.
Hi-Tech Pipes shares have rallied 65 per cent in the last one year. The stock closed at Rs 849 on Friday. Its 52-week range is Rs 989.65 to Rs 393.20.