Stock Split: Small cap steel company to consider split on THIS date

Stock Split: Leading steel processing company Hi-Tech Pipes has informed that its board will meet on January 28 to consider a proposal to split the existing equity shares of the company. The company will also announce its third quarter results on the same day.

Stock split is one of corporate actions. When a company announces to split its stock, the face value and the price of the share is adjusted in the ratio of the split approved by the board.
The current face value of each share of Hi-Tech Pipes is Rs 10.

"Proposal of Sub-Division/ Split of the equity shares of the company, having a face value of Rs. 10 each, in such a manner as the Board may determine...," the company said in an exchange filing on Tuesday.

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Besides, the company said that its board will also consider and approve the un-audited financial results for the December quarter.

Shares of Hi-Tech Pipes on Tuesday settled at Rs 858 apiece on NSE, down by 0.41 per or Rs 3.55. At current market levels, the company had a market cap of Rs 1.05 thousand crore.

In the past 6 months, Hi-Tech Pipes' shares have yielded more than 70 per cent return to investors while 40 per cent in 1 year. The stock's 52-week range is Rs 894.50 - Rs 393.20.
Earlier this week, Hi-Tech Pipes informed that it has signed a memorandum of understanding with the Uttar Pradesh government to invest Rs 510 crore for setting up a manufacturing facility of steel tubes and pipes and flat steel processing.

Hi-Tech Pipes Limited is the producer and supplier of steel pipes, hollow sections, tubes, cold rolled coils and a variety of products.

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