Stock Split: Motisons Jewellers' board approves sub-division - Check record date

Motisons Jewellers has informed exchanges that its board has approved the proposal for a sub-division/split of one equity share with a face value of Rs 10 each into 10 equity shares of the company having a face value of Re 1.

"Sub-division/split of company’s 1 (one) Equity Share having face value of Rs. 10/- (Rupees Ten only) each fully paid-up, into 10 (Ten) Equity shares of the company having face value of Re.1/ (Rupee One only) each fully paid-up, subject to the approval of shareholders and such other approvals as may be required," the company said in an exchange filing.

The board has also fixed November 9, 2024, as the record date for this corporate action.

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has fixed Saturday, November 09, 2024 as Record Date for the purpose of determining the eligibility of Shareholders for the proposed sub - division/split in nominal value of the Equity Shares of the Company," the filing reads.

In addition to the share split, the Board also considered and approved amending the capital clause in the company's Memorandum of Association to reflect this change. However, it is subject to the approval of shareholders of the Company. 

Earlier, the company's board approved Rs 170 crore fundraising via preferential issue at an issue price of Rs 170 and an increase in authorised share capital.