Stock Split 2023: Teamo Production HQ, formerly known as GI Engineering Solutions, has announced a record date for the sub-division of its equity shares. 

Teamo Production stock split: Recrod Date

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The company, in an exchange filing, said that it has fixed December 14 as the record date for the purpose of subdivision/split of equity shares. 

Teamo Production has announced the subdivision/split of one equity share of the company having a face value of Rs 10 each into 10 equity shares of the company having a face value of Re 1 each. In other words, the company board has approved the stock split proposal in a 1:10 ratio.

"...the Company has fixed Record Date as mentioned below in the table for the purpose of subdivision/split of 1 (one) Equity Shares and preference shares* of the Company having a face value of Rs. 10/- each into 10 (Ten) Equity shares and Preference shares, respectively, of the company having face value of Re. 1 each," the filing reads.

A sub-division or split is a corporate event announced by the listed companies. It is a way to reward the shareholders by sub-dividing the face value of equity shares. As a result of the sub-division, the total number of equity shares is increased in the portfolio. The market price of the stock, however, is adjusted in the ratio of split.

GI Engineering Solutions was renamed as Teamo Production HQ recently. It is an engineering design company specialising in civil engineering activities and ancillary services. The company recently forayed into film production, distribution and allied services segment.