Akashdeep Metal Industries has on Monday announced a 1:5 stock split. The company in its board meeting on Monday has approved the split or sub-division of its equity shares from the face value of Rs 10 to the new face value of Rs 2 each fully paid up.
“The Board of Directors of the company at their meeting held on today i.e., December 12th, 2022, have inter-alia considered and approved sub-divison (split) of existing 1 equity Share of the company having a face value of Rs. 10/- each fully paid up into 5 Equity Shares having a face value of Rs. 2/- each fully paid up,” said the company in the filing with the exchanges.
Also, the company on the sidelines of its board meet has appointed Sunil Kumar Malik as an Additional Non- Executive and Non-Independent Director of the company, effective from December 12.
Post the announcement, the stock traded with a cut of 4% at around 3:12 pm at Rs 125.35 apiece on the NSE.
Akashdeep Metal, a low debt company, has logged increasing revenue every quarter for the past 4 quarters. Profits at the company have also been rising for the past 2 quarters.
is a multibagger stock with a year-to-date (YTD) return of 169%, while in the last one year the stock has rallied 168%. The stock’s 52-week low and high prices are Rs 33.3 and Rs 174.5 per share, respectively.
Commanding a m-cap of Rs 134 crore, Akashdeep Metal, incorporated in 1983, is an NBFC that carries out the business of an investment company and also extends loans to industrial enterprises, corporations and individuals.
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