Shriram Finance To Consider Stock Split
Shriram Finance Ltd.'s board of directors will hold a meeting on Oct. 25, for the discussion of the same.
Shriram Finance Ltd.'s board of directors will consider stock split of its existing equity shares of face value Rs 10 each. The stock split is subject to approval of the members of the company.
The board will hold a meeting on Oct. 25, 2024, for the discussion of the same. It will also consider the approval of a periodical resource mobilisation plan for issuance of redeemable non-convertible debentures or subordinated debentures, bonds on private placement basis and/or other methods of borrowing in onshore/offshore market for the purpose of business of the company.
The board will also consider approval of unaudited standalone and consolidated financial results for the second quarter and half year ended Sept. 30, 2024.
It will further discuss the declaration of interim dividend for the financial year 2025.
Shares of Shriram Finance closed 2.64% higher at Rs 3,344.65 apiece on the NSE, compared to a 0.42% advance in the benchmark Nifty 50.
The stock has fallen 63.15% on a year-to-date basis and 79.51% over the past 12 months.
The stock had hit a record high on Sept. 12 after its board approved the raising of Rs 1,000 crore through private placement of non-convertible debentures maturing in 10 years. The issue size consists of Rs 1,000 crore NCDs coupled with a Rs 500 crore greenshoe option, the company said.
Of the 41 analysts tracking the company, 40 have a 'buy' rating on the stock and one suggests a 'hold', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 6.8%.
