Stock Split: Teamo Production HQ, formerly known as GI Engineering Solutions, has announced that its board has approved a proposal for the sub-division of equity shares. According to an exchange filing by the company, the board today considered and approved the split.

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"Considered and approved the proposal of sub-division/split of company’s 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," it said in a regulatory filing.

The split is subject to the approval of shareholders and such other approvals as may be required. 

In this regard, the filing said that the record date shall be intimated to the stock exchanges in due course.

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.

The smallcap stock has delivered a multibagger return of 136 per cent so far in 2023. It has yielded a huge return of 260 per cent in the last two years.

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.