Nestle India announces record date for stock split; Details here

livemint.com:

Nestle India has set January 5 as the record date for the previously announced stock split, which was approved by the company's board in October at a ratio of 1:10. A stock split involves increasing the number of issued and outstanding shares, thereby enhancing the liquidity of the stock. Importantly, this does not impact the overall value of all shares issued.

Shareholders receive additional shares in proportion to their holdings on the specified record date. “This is to inform you that the Company has fixed Friday, 5 th January 2024 as the “Record Date" for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, will be sub-divided into 10 (ten) equity shares having face value of Re.

1/- (Rupee one only) each, fully paid-up, ranking pari-passu in all respects which was approved by the Equity Shareholders through Postal Ballot on 8th December 2023, as already intimated to the Stock Exchanges vide our letter," the company said in an exchange filing. In Nestle India's second-quarter results, the company experienced a notable 36% year-on-year increase in profits, reaching ₹908 crore. Simultaneously, its revenues saw a growth of 9.6%, totaling ₹5036 crore.

During the September quarter, Foreign Institutional Investors (FIIs) reduced their stake in the company from 12.38% in the preceding June quarter to 12.1%. Conversely, Domestic Institutional Investors (DIIs) increased their ownership from 9.05% to 9.32% over the same period On December 18, Nestle India's stock concluded at ₹24,300, marking a marginal decline of 0.27 percent. Over the year-to-date