Saregama India stock hits 5% upper circuit after board approves stock split of shares

25 Feb 2022 , 09:46 AM

Saregama India Limited witnesses buying sentiments from investors on Friday after the company announced its board meeting decisions.

At the Meeting held on February 24, 2022, the board has considered and unanimously approved the sub-division (split) of 1 Equity Share of the Company having a face value of Rs. 10/- each (fully paid-up) to be sub-divided into 10 Equity Shares of face value of Re. 1/- each (fully paid-up); and consequently, alteration of Capital Clause of the Memorandum of Association of the Company resulting from the said sub-division.

The rationale behind the decision is to improve the liquidity of the Company’s shares in the Stock market and to make it affordable to the small retail shareholders as also to broad base the small retail shareholders, said Company in a regulatory filing on Thursday.

At around 9:48 AM, Saregama India was trading at Rs4,062 apiece up by Rs192.5 or 4.97% on the BSE.