Sapphire Foods approves stock split, sending shares higher by 6%

Sapphire Foods

Sapphire Food's plan of sub-division of equity shares has sent share prices sharply higher in early trade on June 20.

At 09:23am, Sapphire Foods India was quoting at Rs 1,655.00, up Rs 97.50, or 6.26 percent, on the BSE.

The board of Sapphire Foods India on June 19 had approved the alteration in the share capital by sub-division/split of existing equity shares from one equity share having face value of Rs 10 each fully paid up, into 5 equity shares having face value of Rs 2 each fully paid-up.

The proposal is subject to approval of shareholders at the forthcoming 15th Annual General Meeting (AGM) of the company.

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The board also approved the alteration of the capital clause (Clause V) of the memorandum of association of the company (MoA) on account of sub-division of equity shares, subject to the approval of shareholders at the AGM.

The date of 15th AGM of the company and record date for the purpose of subdivision or split of existing equity shares of the company will be conveyed in due course of time, company said.