Dwarikesh Sugar board approves stock split in 10:1 ratio
Author(s): City Air NewsMumbai, June 2, 2017: Dwarikesh Sugar Industries Ltd, a leading sugar producer in the country, today said its Board of Directors has approved the sub-division of the company’s equity shares in the ratio of 10:1,...
Mumbai, June 2, 2017: Dwarikesh Sugar Industries Ltd, a leading sugar producer in the country, today said its Board of Directors has approved the sub-division of the company’s equity shares in the ratio of 10:1, that is existing shareholders will get 10 new equity shares for every 1 equity shares currently held by them.
The Board believes sub-division of shares of face value of Rs. 10/- each into share of face value of Rs. 1 each will result in enhanced liquidity and will help in increasing investor base.
Mr. B. J. Maheshwari, Whole Time Director & CS Cum CCO, Dwarikesh Sugar Industries Ltd said, “Our aim is to create value to our stakeholders. Sub-division of shares will help in enhancing liquidity and make our company’s equity shares even more affordable to investors at large.”
Dwarikesh Sugar will seek approval of the members of the company through postal ballot process, as approved by the Board today. Postal ballot process will begin June 30,2017 and will close by July 29,2017.
At the end of March 2017 quarter, Dwarikesh Sugar’s shareholder base is 11,102 that includes promoters. Current total number of shares held by them is 1,88,30,147. Promoter’s stake stands at 41.87%, whereas rest 58.13% is held by public.