Saregama India on Thursday announced a split in its stock. Saregama India Limited announced this after its board meeting. The company said that the board meeting of the company unanimously approved the 10:1 stock split of the shares. Shares of Saregama closed at Rs 3869, down 5% in yesterday's trade on BSE. Due to Russia's attack on Ukraine, there is a sharp fall in the stock market and there is a sharp loss in the stock market.
Shares to be sub-divided into 10 equity shares
Saregama in an exchange filing today said that the company informs you that the Board of Directors of the company in its meeting held on 24 February 2022, inter alia, sub-division (split) of 1 (one) equity share of the company Considered and approved unanimously. The face value of this equity share is Rs 10 (each fully paid) and is to be sub-divided into 10 equity shares and their face value will be Rs 1 (each fully paid up).
Approval for change in capital clause of Memorandum of Association
The Board has also approved the change in the capital clause of the Memorandum of Association of the company consequent to the said sub-division. Earlier this month, the company announced that the company's board would consider a stock split on February 24, 2022. In addition, the Board meeting also approved the adoption of "new Articles of Association of the Company so as to align them with and in line with the provisions of the Company's Rules, Rules made under the Companies Act 2013, Secretarial Standards in Board and General Meetings". are under the provisions of
Gain over 273% in one year period
The company said that the stock split is subject to such regulatory/statutory approvals and also includes the approval of the shareholders of the company through postal ballot. Multibagger stock is up over 273% in the one-year period, while the counter is down nearly 27% so far in 2022 (Year-to-Date or YTD).
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