HP Adhesives hits record high as company's board to consider stock split on September 4

Buzzing stock: Shares of HP Adhesives hit an all-time high of Rs 535.05 apiece on the BSE on Thursday after the company announced its board would consider a stock split on September 4. The stock rallied as much as 6.37 per cent to scale the record peak mark.

In a regulatory filing, the company said, "We wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, 04th September 2023, to consider and approve, inter-alia, a proposal for alteration of Equity Share Capital of the Company by way of subdivision/splitting its existing Equity Shares having a face value of Rs. 10/- each, fully paid up in such manner as may be determined by the Board of Directors pursuant to the provisions of Section 61(1)(d) of Companies Act, 2013 and subject to the approval of Shareholders of the Company and /or any other regulatory/statutory approvals, as may be required." 

At the time of writing this news, the scrip was trading at Rs 532.15, up 5.80 per cent. On Wednesday, the stock settled at Rs 503. The stock of HP Adhesives was listed on bourses on December 27, 2021.

HP Adhesives, the adhesives and sealants company, made a strong market debut on December 27, 2021. The company garnered Rs 126 crore through its public issue, which comprised a fresh issue of Rs 113.4 crore and an offer for sale of Rs 12.5 crore.

The price band for the offer was Rs 262-274 per share.

HP Adhesives manufactures a wide range of consumer adhesives and sealants, such as PVC, cPVC, and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants, and PVC pipe lubricants.