Sigachi Industries announces sub-division of equity shares - check ratio

Sigachi Industries Stock Split 2023: Pharmaceuticals company Sigachi Industries has announced to subdivide the face value of equity shares from Rs 10 to Re 1. The company in an exchange filing informed that the board meeting held on Thursday approved the sub-division of shares.

The company's each share of the face value of Rs 10 each fully paid up will be split into 10 shares of Re 1 each fully paid up.

"The board has approved the sub-division/ stock split of existing 1 equity shares of face value of Rs 10 each fully paid up into 10 equity shares of Re 1 each fully paid up," Sigachi Industries said in a filing dated August 10.

The record date, the filing said, for the purpose of the sub-division of equity shares will be intimated to the exchanges subsequently, after the approval of the resolution for sub-division by the shareholders at the Annual General Meeting (AGM).

The 34th Annual General Meeting of the company for the FY 2022-23 is scheduled to be held on September 7, the Hyderabad-based company's filing added.

The rationale behind the split is to enhance the liquidity in the market, widen the shareholder base and make the shares more affordable to small investors.

The board has also approved the allotment of 1,09,75,000 convertible warrants at an issue price of Rs 261 per warrant to promoters and non-promoters in aggregate.

Meanwhile, Sigachi Industries has reported a net profit of Rs. 10.88 crore in the first quarter of FY2024 while its net sales increased by 8 per cent to Rs 84.7 crore on YoY basis. The net sales in June 2022 quarter had stood at Rs 12.8.

The company's statement added that the board has approved an 80 per cent acquisition of API manufacturing company, Trimax Bio Sciences, Raichur, Karnataka.