HMA Agro sets record date for 1:10 stock split. Details here

livemint.com:

HMA Agro Industries, in a meeting held today, has fixed December 29 (Friday) as the record date for its proposed stock split. On November 08, the company board approved the sub-division of equity shares in a 1:10 ratio. “The Board of Directors of the Company passed the Resolution at the Board Meeting held today, December 12, 2023, and fixed the ‘Record Date’ i.e., Friday, December 29, 2023, for the purpose of sub-division or split of each equity share having a face value of ₹10 to a face value of Re 1," the company said in today's exchange filing.

Also Read: IREDA stock races to ₹100. What’s next for the company? A stock split is a corporate action initiated by a company to increase the liquidity of its stock in the secondary market. This process involves dividing existing shares into multiple shares, thereby reducing the nominal value of each share.

Investors holding the stock until the "record date" receive the newly split shares in their demat accounts. The stock price is then adjusted proportionally based on the predetermined split ratio, maintaining the overall market capitalisation of the company. Meanwhile, in today's trade, the stock was locked in the 10% upper circuit limit at ₹686.55 apiece.

Overall, this month so far, the stock is up by 5.64%. Also Read: Top 10 most subscribed IPOs in 2023 HMA Agro Industries is currently one of the largest exporters of frozen buffalo meat products from India and accounts for more than 10% of India’s total export of frozen buffalo meat. Its products are self-branded, packaged under the brand names 'Black Gold', 'Kamil', and 'HMA', and are exported to over 40 countries.