Non-banking financial company (NBFC) Srestha Finvest has informed exchanges that its board has fixed the record date for the purpose of determining the eligibility of shareholders for a 2:1 stock split. 

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According to an exchange filing, the board has fixed September 23 as the record date for this purpose.

"Srestha Finvest Limited (‘the Company’) has fixed Monday, September 23, 2024 as ‘Record Date’ for the purpose of determining the eligibility of shareholders of the Company for Sub-division/Split of each fully paid-up equity share having face value of Rs.2/- (Rupees Two Only) each be Sub-divided into 2 (Two) fully paid equity shares having Face value of Rs.1," the company said in an exchange filing. 

Earlier, the company announced raising funds by way of issuance of equity shares in one or more tranches. According to the company, the total number of securities proposed to be issued is up to an aggregate amount not exceeding Rs 200 Crores. 

"Raising of funds by way of issuance of such number of equity shares having face value of Re.1/- each (Rupee One Only) of the Company, for an aggregate amount not exceeding Rs.200 Crores (Rupees Two Hundreds Crores only) by way of Qualified Institutional Placement (“QIP”)," the company said in an exchange filing. 

QIP or Qualified Institutional Placement is a process that enables the listed companies to raise funds. It allows companies to issue securities, such as equity shares or debentures, to a select group of institutional investors, known as Qualified Institutional Buyers (QIBs).