Coforge share price gained 1.5 percent in Wednesday's trading session following a 1:5 stock split. The stock adjust to Rs 1,719 per share on the NSE, rising 1.12 percent at around 1:30 PM.
The company had earlier fixed Wednesday, June 4 as the record date or determining the eligibility of shareholders entitled to receive the equity shares after sub-division in 1:5 ratio.
A 1:5 stock split translates to each existing equity share with a face value of Rs 10 will be split into five equity shares with a face value of Rs 2 each.
A stock split is a corporate action in which a company increases the number of its outstanding shares by reducing the face value of each share, without affecting its overall market capitalisation. Such actions are typically carried out for structural or market-related purposes. However, shareholders’ eligibility to receive split shares is determined based on the record date set by the company.
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