CDGS stock is 1400% above 52-week-low, Board approves 1:5 stock split

The company has said in a stock exchange filing that “The Board approved Split/Sub-division of nominal value of one equity share of Rs. 10/- (Rupees Ten) each into five equity shares of Rs. 2/- (Rupees Two) each subject to necessary permissions and approvals.” The expected time of completion is 2-3 months after obtaining shareholders approval, according to the company.

In order to encourage wider participation of retail and small investors by making the share price more affordable, as also to enhance the liquidity of the equity shares at the stock markets, stated the Board of Directors as the rationale behind the stock split.

The shares of RO Jewels Ltd closed today on the BSE at ₹64.75 apiece level, touching a 4.77% upper circuit level after hitting a fresh 52-week-high of ₹64.85. The stock recorded a total volume of 481,200 shares. The RO Jewels Initial Public Offering (IPO) was started from March 12 to March 17, 2020, and on March 25 it got listed on the stock exchanges. The RO Jewels IPO was an SME IPO with 1,365,000 equity shares with a face value of Rs. 10 and a maximum value of Rs. 4.91 Crores. The issue price of the IPO was capped at ₹36 per share. Since it was listed on stock exchanges two years after its initial public offering (IPO), the stock has climbed by 540.45%, setting an all-time high. On March 29,2022, the stock reached a 52-week low of Rs. 4.05, indicating that at the current market price, it is trading 1498.76% higher than the one-year low. The company recorded a promoter shareholding of 20.30% for the quarter that ended in September, or Q2FY23, and a public stake of 79.70%.