Sigachi Industries declares stock split for shareholders; sets record date

Sigachi Industries Stock Split 2023: Pharmaceuticals company Sigachi Industries Limited has announced a corporate action for its shareholders wherein it will split the face value of equity shares. The company in an exchange filing dated September 9 informed that the board has approved the sub-division and also set the record date for the purpose.

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 the face value of Rs 10 each fully paid up into 10 equity shares of Re 1 each fully paid up," Sigachi Industries which is based out of Hyderabad had said in a filing last month.

The board of directors in its meeting held on September 9 fixed October 10 as the record date for the purpose of the stock split of existing shares.

"Fixation of 09.10.2023 as the Record date for the purpose of Stock Split as approved by the shareholders in the Annual General Meeting held on 07.09.2023," the company said in a filing.

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 at its meeting also cleared the appointment of M/s MSKA & Associates, Chartered Accountants, as the Statutory Auditors of the Company w.e.f 09.09.2023 pursuant to the recommendations of the Audit Committee.

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