Sudarshan Pharma approves 1:10 stock split - Check details

Specialty chemicals Sudarshan Pharma Industries has informed exchanges that its board has approved a proposal for the sub-division (stock split).

According to an exchange filing,  the board has approved the sub-division in the ratio of 1:10. It means that each stock of Rs 10 face value will split into 10 shares of Re 1 each.

"Sub-division/split of the company's 1 (one) equity share having a face value of Rs. 10/- (Rupees Ten only), each fully paid-up, into 10 (ten) equity shares of the company having a face value of Rs. 1/- (Rupee One only), each fully paid-up, subject to the approval of shareholders and such other approvals as may be required. Consequent to the sub-division of the face value of the equity shares of the company, the alteration of the capital clause of the Memorandum of Association of the company is subject to the approval of shareholders of the company," the company said in its regulatory filing.

However, the sub-division is subject to the approval of shareholders of the company. The company has not announced the record date for the sub-division of the stock.

This is the first-ever stock split announced by the company since its listing more than a year ago.