Sapphire Food’s plan of sub-division of equity shares has sent share prices sharply higher in early trade on June 20. At 09:23am, Sapphire Foods India was quoting at Rs 1,655.00, up Rs 97.50, or 6.26 percent, on the BSE.
The company said its board has approved the split of existing equity shares of the company from 1 equity share to 5 equity shares. The announcement was made after market hours on Wednesday.
Sapphire Foods shares ended 2.87% higher at Rs 1557.50 on Wednesday against the previous close of Rs 1514 on BSE.
Total 6474 shares of the firm changed hands amounting to a turnover of Rs 1.01 crore. Market cap of the firm rose to Rs 9,926.46 crore on BSE.
It has risen 13.34% in the last one year and gained 10.56% since the beginning of this year.
Sapphire Foods shares have a beta of 0.2, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 71.4, signaling it’s trading in the overbought zone. Sapphire Foods stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock split will be placed before the shareholders in the 15th annual general meeting of the company date for which us yet to be announced. Record date for the purpose of subdivision/split of existing equity shares of the company will be intimated in due course and at an opportune time, said the firm in a communication to bourses.
The stock split is expected to be completed within three months from the date of approval of the members of the company, subject to completion of the necessary formalities.
The board also approved the alteration of the capital clause (Clause V) of the memorandum of association of the company (MoA) on account of sub-division of equity shares, subject to the approval of shareholders at the AGM.
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