Shares of Waaree Renewable Technologies surged 10 percent in the early trade on January 5 to hit a record high of Rs 2,703.95 after the company said that its board would consider a stock split on January 20.
If approved, this will mark the first instance of a stock split by the company.
A stock split is a corporate action in which a company divides its existing shares into multiple shares. The purpose is to increase the number of shares outstanding while proportionally decreasing the price per share. This does not change the overall market value of the company or an investor's ownership stake but it aims to make the stock more affordable and potentially increase liquidity by attracting a broader range of investors.
At 10 am, Waaree Renewable was trading at Rs 2,666.95 on the National Stock Exchange. The stock has also been a multibagger, delivering over 441 percent returns in the past year.
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The stock has been buzzing since last week, scaling greater highs after the parent company, Waaree Energies, filed documents for an initial public offerinh.
Waaree Energies submitted a draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for the IPO, which comprises a new issuance of shares valued at Rs 3,000 crore and an offer for sale of 32 lakh shares. The company plans to use some of the proceeds to build a 6 gigawatt (GW) manufacturing facility in Odisha.
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