Stock split 2024: Shares of OK Play India Ltd will be in focus when the stock market opens on March 11 (Monday).
The Board of Directors of OK Play India has declared stock split from one ₹10 per equity share into ten of ₹1 per equity share for its eligible shareholders.
The record date by the company to ascertain the eligibility of shareholders for the stock split issue has been fixed on March 11.
OK Play India stock split 2024
In a stock market exchange filing, OK Play India said: “We wish to inform you that the Board of Directors at its meeting held today has accorded its approval to sub-divide/split the Equity Shares of the Company, Division of every 1 (one) equity share of the nominal/face value of Rs. 10/- (Rupees ten only) each into 10 (Ten) equity shares of the nominal/face value of Rs. 1/- (Rupees One only) each.”
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“….the Company has fixed Monday, 11th March 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division/ 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,” the company said in a separate stock exchange filing.
Shares of OK Play India Ltd will trade ex-split on Monday.
What is a stock split
A stock split or sub division of shares is a corporate action. It happens when a listed company hikes the number of its shares to boost the stock’s liquidity.
The number of shares outstanding increases by a specific multiple, but the total currency value of all shares outstanding remains the same as there is no change in the company’s total market capitalization.
For example, if a company has declared a stock split in the ratio of 1:2, that means for every equity share held before the split each shareholder will have two equity shares after the split.
A stock split is declared when a company decides to intentionally lower the price of its stock, making it more affordable for investors without losing the value.
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Published: 11 Mar 2024, 06:30 AM IST