While announcing its earnings for the quarter ended September, TTK Prestige also disclosed that its board has approved sub-division/split (stock split) of the equity shares of the company. TTK was trading almost 3% higher on Prestige stock ₹On Wednesday afternoon deals traded at Rs 9,890 on the BSE.
The proposed record date for sub-division/division will be communicated in due course subject to compliance with necessary laws, the company informed in an exchange filing.
TTK Prestige said, “The Board has approved the Sub-Division/Split of Equity Shares of the Company at Re 1 with a face value of Rs 10/-, subject to the approval of the members through postal ballot.”
A stock split increases the number of shares outstanding by issuing more shares to existing shareholders. A stock split reduces the market value of individual shares, however, the market capitalization of the company does not change.
A company engages in stock-splitting decisions to make its stock more affordable if its price level is too high, which will increase the liquidity in the stock.
TTK Prestige’s consolidated net profit up 58% for Q2 ₹103.5 crore as compared to ₹65.4 crore in the same quarter last year. Its revenue from operations increased ₹858.6 crore from ₹636.6 crore year-on-year (YoY). TTK Prestige Limited manufactures kitchen appliances and cookware.
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