The board of directors of Motisons Jewellers Ltd. has approved a proposal to split each equity share into 10, reducing the face value from Rs 10 to Re 1 per share. This decision was made during a board meeting held on Thursday and is subject to shareholder approval.
The split aims to enhance liquidity and make shares more affordable for smaller investors, potentially broadening the company’s investor base. Following the split, the total number of shares will increase from approximately 98.4 million to about 984.5 million, while the authorised share capital will remain unchanged at Rs 115 crore, the company said in an exchange filing.
To facilitate this change, the board has scheduled a record date of Nov. 9, 2024. The company will seek approval for the share split through a postal ballot process, with remote e-voting set to begin on Sept. 20 and conclude on Oct. 19.
The board also approved amendments to the Memorandum of Association to reflect the new share structure. A detailed calendar of events related to this corporate action has also been established.
Shares of the company rose as much as 2.42%, before paring gains to trade 0.27% higher at Rs 279.98 apiece as of 02:57 p.m., compared to a 0.92% advance in the NSE Nifty 50.
It has risen 170.38% in the last 12 months. The relative strength index was at 78.
RECOMMENDED FOR YOU
POPULAR