Stock split: This company approves 1:5 stock split - Check details

The board of directors of Rajnish Retail Ltd has approved a stock split. According to the company, the board has approved a sub-division of shares in the ratio of 1:5. However, it is subject to approval by the company shareholders.

"The Company has approved sub-division of shares in the ratio of 1:5 subject to the approval of the members of the company and other regulatory approvals. The record date will be intimated to the stock exchanges after receiving the members' approval."

The company has not fixed a record date and it will be decided later. The company's board has also approved the allotment of up to 6,90,000 convertible warrants at an issue price that the preferential issue committee may determine.

Meanwhile, the company expanded its portfolio by venturing into the beauty and wellness industry.  

Earlier, the company had announced that it had effected a name change from Sheetal Diamonds Ltd., and is now trading under “Rajnish Retail Ltd.”.