Varun Beverages to consider stock split, stock rallies 2%
Varun Beverages on Thursday announced that its board will be considering a stock split in its upcoming board meeting on July 30. Following this, the shares of the company rallied 2% to its fresh all-time of Rs 1,680.80.
“the Board of Directors of the Company will be held on Tuesday, July 30, 2024 inter-alia, to consider and approve the Following: Proposal for sub-division/split of existing Equity Shares of the Company having a face value of Rs. 5/- each, fully paid up, in such manner as may be determined by the Board of Directors subject to the approval of Equity Shareholders of the Company and other applicable approval(s) (if any),” said the company in its filing to the exchanges.
The company’s board of directors will also be approving the unaudited financial results of the company for the quarter ended June 30 2024 and consider an interim dividend for the equity shareholders of the company for the financial year 2024.
This will be the second instance of the board of Varun Beverages splitting its stock. The company had last split the face value of its shares from Rs 10 to Rs 5 in June 2023.
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In the fourth quarter of FY24, the company posted a 25% year-on-year (YoY) increase in its PAT to Rs 548 crore while the revenue from operations for the quarter stood at Rs 4,398 crore which was up by 11.2% YoY over Rs 3952.60 crore reported by the company in the corresponding quarter of the last financial year.
The shares of Varun Beverages
