Eicher Motors gets shareholders nod to split 1 share into 10

Eicher Motors on August 11 announced its decision to go in for a 10:1 stock split.

"Members of the company at its 38th Annual General Meeting on August 10 approved sub-division of each existing equity share of face value of Rs 10 each into 10 equity shares of face value of Re 1 each," the Royal Enfield manufacturer said in a BSE filing.

The record date for the purpose of sub-division of equity shares will be intimated in due course, it added.

The stock closed at Rs 21,435.75 on the BSE, up 0.44 percent from its previous closing.

The purpose behind splitting share price is to facilitate larger shareholder base and aid liquidity, the management said, adding that the split is expected to be completed in two-to-three months from the date of approval by shareholders.

Shareholders also approved the re-appointment of Manvi Sinha and S Sandilya as independent directors of the company for another five years, with effect from February 13.

Eicher Motors, on August 13, will consider its unaudited standalone & consolidated financial results for Q1 FY21.