Multibagger Diamond Power Share Price Hits Record High After Board Approves Stock Split
Diamond Power said the share split is meant to enhance liquidity in the capital market and widen shareholder base.
Diamond Power Infrastructure Ltd. board on Friday approved sub-division of one equity share of face value of Rs 10 each into 10 shares of face value of Re 1. The record date for the stock split will be intimated in due course after taking approval of shareholders in an extraordinary general meeting, according to an exchange filing.
The company stated that the purpose of the share split is to increase capital market liquidity, expand the shareholder base, and make the shares more affordable and accessible for small retail investors.
Following the stock split, the authorised share capital of Diamond Power will increase from over 38.58 lakh shares to over 385 crore shares. The division is expected to occur within three months from the date of shareholders’ approval.
Diamond Power is a company that offers services and manufactures products for power transmission and distribution in India, with a focus on high-voltage cable wire.
The board also approved an investment of Rs 2.99 crore in the wholly-owned subsidiary DICABS Nextgen Special Alloys Pvt. This investment was made through a subscription to rights issue up to 29,99,700 equity shares of Rs 10 each, at par, in one or more tranches.
Diamond Power Share Price Movement
Diamond Power share price advanced 4.4% intraday to life high of Rs 1,898.5 apiece.
Diamond Power share price advanced 4.4% intraday to life high of Rs 1,898.5 apiece on the NSE. The scrip was trading 3.9% higher at Rs 1,888.8 by 12:25 p.m. The benchmark Nifty 50 was up 0.4%.
The stock is a multibagger and has risen 2,975% in the last 12 months and 1,067% on a year-to-date basis. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 71.
