Sagar Cements has received board of directors approval for sub-division of stocks popularly known as stock splits of 2,35,00,000 equity shares of the company from the existing face value of Rs10 each into a face value of Rs2 per share.
The stock split ratio would be 1:5. That would be mean 1 equity of face value of Rs10 each to be split into 5 equity shares of the face value of Rs2 each.
The stock split is expected to be completed within three months from the date of approval by the shareholders at their 40tn Annual General Meeting.
In another development, the Sagar Cements board has also approved the re-appointment of Dr S.Anand Reddy and S.Srekanth Reddy as Managing Director and Joint Managing Director respectively for a further period of 3 years.
At around 11.26 AM, Sagar Cements was trading at Rs1121.70 per piece up by Rs18.20 or 1.7% on Sensex. The stock has touched an intraday high of Rs1160 per piece in the early deals.