Hi-Tech Pipes has set the record date for the stock split. The company has communicated in an exchange application that at a meeting on Friday, the board set the record date for the division of its shares in the ratio of 10:1. This means that each share of stock is divided into 10 shares.
The current par value of each share of the company is Rs 10. Once the split takes effect, the new par value will be Re 1.
According to the filing, the company has obtained the approval of its members for the subdivision of each equity capital.
“This is to inform you that members of the company have approved, by postal vote, the subdivision of shares of the company from one share of shares with a par value of Rs 10 each to 10 shares with a par value of Re 1 each,” the filing reads. .
The record date for determining shareholders eligibility for the split is March 17.
“The Company has set Friday, i.e. March 17, 2023 as record date to find out the names of the shareholders entitled to subdivision (split) of each of the shares…,” it added.
Hi-Tech Pipes, a leading manufacturer and supplier of pipes, reported a 28 percent increase in net profit of Rs 13.02 crore in Q3FY23 compared to Rs 10.17 crore in the same quarter last financial year.
Shares of Hi-Tech Pipes are up as much as 65 percent over the past year. The share was quoted at Rs 849 on Friday. The 52-week range is Rs 989.65 – Rs 393.20.
Also Read: Boost for Aatmanirbhar Bharat: Hi-Tech Pipes to invest Rs 510 crore to set up manufacturing unit in UP
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