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Sapphire Foods announces 1:5 stock split

20 Jun 2024 , 05:02 PM

Sapphire Foods India Ltd announced on Wednesday that the board of directors of the company has approved the split of its equity shares. The company operates KFC and Pizza Hut restaurants in India.

The decision was made to split each existing equity share with a face value of ₹10 into five equity shares of ₹2 each. This plan is subject to shareholder approval at the company’s upcoming 15th Annual General Meeting (AGM), according to a stock exchange filing.

The rationale for the stock split is to increase the liquidity of the company’s equity shares in the capital markets by extending the shareholder base. The business intends to finalise the stock split within three months of getting member approval, subject to the relevant formalities.

The dates of the 15th AGM and the record date for the share split will be announced in due course, said the company.

Sapphire Foods India focuses on franchising KFC, Pizza Hut, and Taco Bell outlets. The company’s overall net profit fell 98.2% to ₹2.39 Crore in Q4 FY24, compared to ₹135.59 Crore in Q4 FY23. The foodchain operator’s revenue from operations increased 12.7% year on year to ₹631.70 Crore in the quarter ending March 31, 2024.

At around 1.36 PM, Sapphire Foods was trading 1.86% higher at ₹1,588.25 per piece, against the previous close of ₹1,559.30 on NSE. The counter touched an intraday high and low of ₹1,671, and ₹1,578, respectively.

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