Persistent Systems was trading low around noon after surging 2.4 percent early in the trade on January 18. Its board of directors was meeting the next day to consider a stock split, the IT services company said.
At 11.45 am, the stock was at Rs 7,680 on the BSE, down 0.29 percent from the previous session. The stock split will reduce the counter's price while increasing the number of shares, allowing for higher trading volumes.
“The board of directors may consider a proposal of alteration in the share capital of the company by sub-division/split of the existing equity shares having face value of Rs 10 each, fully paid up,” Persistent Systems said in an exchange filing.
The board of directors will meet on January 19 and the next day. During the meeting, apart from the stock split, the board will consider the financial results for the December quarter results as well as the payment of an interim dividend.
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The technology services company have gained 7.62 percent in the past month against the Nifty’s 0.3 percent.
As reported by Moneycontrol, Persistent Systems was in talks to acquire a controlling stake in NSEIT, the wholly owned IT services arm of the National Stock Exchange (NSE).
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