Stock Split News: This BSE listed firm announces sub-division of its equity shares

Stock Split News: BSE listed entity Colorchips New Media (CNML) has announced a sub-division of its equity shares in 1:5 ratio. "The production and media firm has recommended to split its existing equity shares with a face value of Rs 10 each into  five equity shares of Rs 2 each. This will be subject to the approval from shareholders in its 37th Annual General Meeting (AGM), which is scheduled to be hosted on September 24, 2022," as per a company statement.

"Subsequent to the sub division of the equity shares, the company board has also recommended to alter Clause V of the Memorandum of Association (MoA) of the Company. Following the stock split, the company's authorized share capital will increase from 1.85 crore equity shares with a face value of Rs 10 each to 9.25 crore equity shares with a face value of Rs 2 each," it added.

Furthermore, its issued, subscribed and paid up share capital will increase from 1,70,09,900 equity shares with face value of Rs 10 each to 8,50,49,500 equity shares with a face value of Rs 2 each. 

The company said that the sub-division of shares shall be undertaken by the company within six month of receiving the approval from shareholders in AGM.

In a separate regulatory filing, it announced that the register of member and shares transfer books of the company will remain closed from 17th September to 24th September 2022 (both days inclusive).