Nestle India Approves 1:10 Stock Split, Reports Strong Q3 Results

19 Oct 2023 , 02:33 PM

Nestle India’s board approved a historic 1:10 stock split on October 19, marking the first such move by the FMCG giant in the country. The company will announce the record date for the sub-division of existing equity shares later.

This move involves splitting each equity share with a face value of Rs 10 into 10 equity shares with a face value of Re 1 each. A stock split increases the number of outstanding securities, enhancing liquidity and offering existing shareholders more shares without changing their percentage ownership.

Nestle India also reported its September quarter results and declared a second interim dividend of Rs 140 per equity share, totaling Rs 1,349.82 crore, payable starting November 16, 2023. This is in addition to the first interim dividend of Rs 27 per equity share.

The company’s profit for the quarter rose by 36% year-on-year to Rs 908 crore from Rs 668.3 crore in the previous year. Total revenue increased by 9.6% to Rs 5,036 crore from Rs 4,591 crore a year ago.

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