Kallam Spinning Mills gains 5% on stock split approval

Moneycontrol BureauShares of Kallam Spinning Mills added 5.6 percent intraday Thursday as it has approved sub division of its equity shares.The company board in the meeting held on November 30, has approved the sub division of its equity shares of face value of Rs 10 each into Rs 2 each.The company is going to issue 5 equity shares of face value of Rs 2 each for every one equity share of Rs 10 each.The rationale behind the split is to improve the liquidity of shares in the stock market and also make the shares more affordable to the small investors.The sub division will get completed by January 31, 2017.At 09:29 hrs Kallam Spinning Mills was quoting at Rs 122, up Rs 3.65, or 3.08 percent on the BSE.Posted by Rakesh Patil