Hyderabad-headquartered IT company Blue Cloud Softech has informed exchanges that its board has approved the sub-division of equity shares having a face value of Rs 2 into one equity share of face value of Re 1 each.

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"Sub-division (split) of Equity Share of the Company having a face value of Rs. 2/- each (fully paid-up) into one (1) Equity Share of face value of Re. 1/- each (fully paid-up)," the company said in an exchange filing.

The company has not fixed the record date for this corporate action and is expected to announce it in the coming days. 

Record date is important as it helps the company to determine the eligibility of shareholders for a corporate action. 

Earlier, the company announced the launch of four artificial intelligence (AI)-enabled products in India. These products include — BluHealth Application, Blura, EduGenie and BioSter. 

Meanwhile, Market benchmark indices climbed in opening trade on Thursday but later gave up all the initial gains and were trading lower amid unabated foreign fund outflows.

The BSE Sensex climbed 280.04 points to 81,781.40 in early trade. The NSE Nifty went up by 58.2 points to 25,029.50.

However, later both the benchmark indices turned negative and were trading lower. The BSE benchmark gauge quoted 210.87 points lower at 81,265.97 while the Nifty traded 116.15 points down at 24,848.25.

From the 30 Sensex firms, Infosys, State Bank of India, Larsen & Toubro, Reliance Industries, Sun Pharma and Tata Consultancy Services were the biggest gainers.

Mahindra & Mahindra, Maruti, Axis Bank and HDFC Bank were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,435.94 crore on Wednesday, according to exchange data.
In Asian markets, Seoul and Tokyo quoted lower while Shanghai and Hong Kong traded higher.