Nestle India Ltd. in its Oct. 19 board meet approved its first-ever stock split to divide one share of Rs 10 face value into 10 shares of Re 1 face value each.
This indicates that or every 1 share previously owned, a shareholder will own 10 shares after the split.
The split was approved to enhance the liquidity of the company's equity and to encourage participation of retail investors by making shares more affordable.
The stock was trading at Rs 23,486.30 apiece at 11:26 a.m. The split will bring down the value its one-tenth, making India's seventh highest priced stock more affordable.
The record date for the sub-division of existing equity shares will be intimated in due course, and is expected to be completed within two months from the date of approval by company members, the exchange filing said.
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