Nandan Denim share price hits 52-week high after announcement of 1:10 stock split
Nandan Denim stock split 2024: The board of directors of Nandan Denim Limited has declared a stock subdivision in a 1:10 ratio. The company board took this decision while considering the stock split proposal in its board meeting on Monday.
This move is expected to increase the liquidity of the company's equity shares in the stock market and make it more affordable to small retail investors. After the spread of this latest Nandan Denim news, bulls bet high on this small-cap stock during Tuesday deals.
Nandan Denim share price today opened with an upside gap at ₹46 per share on NSE and touched an intraday high of ₹52.77 apiece within a few hours of the stock market's opening bell. While climbing to this intraday high, the small-cap stock locked-in 20 percent upper circuit and it climbed to a new 52-week peak as well.
The record date for the stock split will be intimated later.The small-cap stock informed the Indian stock market exchanges about the stock split decision, saying, "We hereby inform you that the Board of Directors of the Company in their Board Meeting held today i.e., Monday, June 17, 2024, which commenced at 11:00 A.M. and concluded at 01:00 P.M., has inter-alia considered and approved Sub-division/split of Equity Shares of the Company having face value of Rs.
10/- (Rupees Ten) each into 10 (Ten) equity shares having face value of Re.1 /- (Rupee One) each fully paid up, subject to the approval of Shareholders of the Company and other statutory regulatory authorities, as may be required. In this respect, the record date for subdivision / split shall be intimated to the Stock Exchanges in due course."On the rationale behind the Nandan Denim stock split, the small-cap company said, "In order to improve the
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