Motisons Jewellers said that its board had approved a proposal to split one equity share of the company having face value of Rs 10 each into ten equity shares with a face value of Re 1 each.
Accordingly, the total number of outstanding equity shares of the company would increase from 9.84 crore to 98.44 crore.
The record date for the said stock split is 09 November 2024.
Offering the rationale behind the split, the company said that the sub-division of shares is being done in order to enhance the liquidity of companys share and to make it more affordable for small investors and also to broaden the companys investor base.
The company expects to complete the stock split process tentatively within 2 months from the date of board’s approval.
Motisons Jewellers retails jewellery made of gold, diamond, kundan and sale of other jewellery products including pearl, silver, platinum, precious, semi-precious stones and other metals. Its other offerings include gold and silver coins, utensils and other artifacts.
The company’s net profit rose 15.51% to Rs 6.33 crore on a 2.28% increase in sales to Rs 88.71 crore in Q1 FY25 over Q1 FY24.
The scrip shed 0.65% to currently trade at Rs 277.15 on the BSE.
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First Published: Sep 19 2024 | 4:47 PM IST
