Hi-Tech Pipes, a steel pipe manufacturer, has announced that its board of directors has approved a subdivision/split of its existing shares. The current par value of each share of the company is Rs 10. According to the exchange application, the shares will be split in a 10:1 ratio. This means that 1 share will be divided into his 10 shares. The rationale behind the split is to increase market liquidity, expand the shareholder base, and make the stock more affordable for smaller investors. The par value of each stock is divided. 10:1 ratio. Once the split takes effect, the face value of each share in the company will be Re 1 . The market price of each stock is also adjusted by the same ratio. The current market price for each of Tech Pipe’s shares is Rs 910.60 on the NSE, according to Friday’s closing price.
“The Board of Directors of Hi-Tech Pipes Ltd, at its meeting held on Saturday 28th January, considered and approved the subdivision/split of the existing shares of the company from 1 share of par value of Rs 10 crore. 10 shares of Rs 1 with each fully paid par value,” Hi-Tech Pipes said in its filing.
The split is subject to shareholder and other competent authority approval, the company added. A reference date for purposes of subdivision/division will become clear in due course, the filing added.
In another related development, Hi-Tech Pipes in the third quarter reported a more than 28% increase in consolidated net profit to reach Rs 130.2 billion. The company recorded he Rs 10.16 crore in the same period of the previous financial year. Its total revenue jumped to Rs.569.8 million from Rs.440 million in the same period last year, while its expenses jumped from Rs.426.18 million in the same period last year to Rs.552.40 million in the quarter under review. increased to 10,000 rupees.
Commenting on the performance, Ajay Kumar Bansal, Chairman and Managing Director of Hi-Tech Pipes Ltd said: Contribute to increased capacity utilization, improved sales enablement, and increased share of value-added products. Commercial production of the new color coating line started this month. We are pleased that this high-margin value-added product will further help strengthen the company’s profitability at a mixed level in the medium to long term. In line with our environmental commitment and energy self-sufficiency, we are pleased to announce that the maximum power requirements of the UP plant will be met by renewable resources. Always working. Besides the environmental aspect, this development also helps to significantly reduce the cost component of the manufacturing process. ”
