Penny stock approves 10:1 stock split, shares ended on a green note by 5%

The company has said today in a stock exchange filing that “In reference to your mail dated 19th December, 2022 and in continuation to Outcome of Board Meeting on 16th December, 2022, pursuance of Regulation 30, Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at their meeting held on 16th December, 2022, inter alia, has approved and taken on records the following:- 1. Sub-division of face value of Equity Shares from Rs. 10/- to Rs. 1/- 2. Changes in Memorandum of Association for giving effect of the Agenda as stated above 3. Seek approval of the members of the Company for the above referred items, by way of Postal Ballot or EOGM.”

The company said in a BSE filing that the rationale behind the split is to encourage wider participation of retail investors by making the equity shares more affordable for them and to enhance the liquidity of equity shares of the company in the stock markets and the expected time of completion is 6 months from the approval of the Board of Directors.

The shares of Shree Securities Ltd closed today at ₹27.45 on the BSE, up by 4.97% from the previous close of ₹26.15. The stock recorded a total volume of 471,181 shares compared to the 20-Day average volume of 833,611 shares. In the last 1 year, the stock has gained 23% and on a YTD basis, it has gained 17%. The stock had touched a 52-week-high of ₹34.05 on (06/12/2022) and a 52-week-low of ₹16.90 on (01/11/2022), indicating that at the current market price the stock is trading 19.38% below the 1 year high and 62.42% above the 1 year low.