Hi-Tech Pipes, a leading steel processing company, has announced the sub-division/split of existing equity shares having face of Rs 10 each. According to an exchange filing by the company, the board of the small-cap company will split its shares in the ratio of 10:1. 

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It means that one share will be sub-divided into 10 shares. The face value of each share will split in the same ratio as well. Once split comes into effect, the face value of each share of the Hi-Tech Pipes will be Re 1 and also the market price will be sub-divided to one-tenth of the price on the record date. 

"The Board of Directors of Hi-Tech Pipes Ltd in its meeting held today i.e. Saturday, January 28, 2023, has considered and approved the sub-division/split of existing equity share of the Company from one equity share having face value of Rs, 10/- (Rupees Ten only) each, fully paid-up into Ten (10) equity shares having face value of Rs. 1/- (Rupees One only) each fully paid-up," the company said in a filing.

The split is subject to the approval of shareholders and other competent authorities, it said.

The Record Date for the purpose of sub-division/ split will be intimated in due course, the filing added.

Meanwhile, Hi-Tech Pipes has reported over 28 per cent jump in its consolidated net profit to Rs 13.02 crore for the third quarter on account of higher income. The company had clocked Rs 10.16 crore during the same period of the preceding fiscal.

Its total income also rose to Rs 569.80 crore from Rs 440.03 crore in the year-ago quarter. Its expenses grew to Rs 552.40 crore in the December quarter from Rs 426.18 crore a year ago.

Hi-Tech Pipes owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka. The company recently signed an agreement with the Uttar Pradesh government to set up a steel manufacturing facility at an investment of Rs 510 crore.

Shares of the steel pipes maker ended at Rs 910.60 apiece on NSE on Friday. The counter has yielded a whopping 70 per cent return in the past 6 months.