Small-cap pharma stock to consider stock split next month. Details here
Stock split 2023: After ushering in the new year 2023, Sigachi Industries shares have remained in base building mode but in last few sessions, the small-cap stock is trying to come out of this sideways trend. In last one month, this small-cap stock has risen from around ₹248 to ₹295 apiece levels, logging around 20 per cent upside in this time.
To provide substantial momentum to the stock in this upside movement, the company management has proposed stock split proposal for consideration in the upcoming board meeting scheduled on 2nd August 2023. The board of directors would consider the stock split proposal while discussing its quarterly results for April to June 2023 quarter.
The small-cap company informed Indian stock market bourses about stock split proposal citing, "Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, August 2nd, 2023 at 12:00 Noon through Video Conferencing to inter alia consider and approve the following: 1] Standalone and Consolidated Unaudited Financial Results for the First Quarter ended 30.06.2023; 2] Sub-division of equity shares of the Company of face Value of Rs.10/- each pursuant to the provisions of Section 61 (1) (d) of Companies Act, 2013." If the small-cap company declares stock split in its upcoming board meeting in August, this will be a big corporate event in the company after a gap of one year. The small-cap stock had traded ex-dividend on 2nd August 2022 for payment of Re 1 per share interim dividend to the eligible shareholders of the company.
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