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Last Updated : Jun 29, 2018 01:32 PM IST | Source: Moneycontrol.com

Gallantt Ispat surges 5% stock split approval

The rationale behind the split is to improve the liquidity of equity shares with higher floating stocks and to make the equity shares more affordable to the investors.

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Shares of Gallantt Ispat surged 5.5 percent intraday Friday as company approved sub-division of stock price.

The comapny board at its meeting held on June 29 considered and approved the proposal of sub-division (split) of equity shares of the company from the existing face value of Rs 10 per equity share to face value of Re 1 per equity share.

The rationale behind the split is to improve the liquidity of equity shares with higher floating stocks and to make the equity shares more affordable to the investors.

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At 13:24 hrs Gallantt Ispat was quoting at Rs 257.70, up Rs 6.65, or 2.65 percent on the BSE.

The share touched its 52-week high Rs 387.90 and 52-week low Rs 173.55 on 19 January, 2018 and 04 December, 2017, respectively.

Currently, it is trading 33.57 percent below its 52-week high and 48.49 percent above its 52-week low.

Posted by Rakesh Patil

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First Published on Jun 29, 2018 01:31 pm
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