Pharma stock announces 1:5 stock split, scrip rallies over 240% in 6 months

Medico Remedies said in a stock exchange filing that “The Board considered the proposal for sub-division of 1 equity share of the Company having face value of ₹10/- each into 5 (Five) equity shares having face value of ₹2/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. Further, the Board recommended consequential amendments in the Capital Clause of the Memorandum of Association of the Company, subject to approval of the Shareholders of the Company. The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the exchanges.”

Commenting regarding the rationale behind the split, the Board of Medico Remedies said the corporate action has been announced to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

The Board of Directors of Medico Remedies will meet on Friday, February 10, 2023, inter alia to consider and approve, unaudited financial results for the quarter and nine months ended 31st December, 2022 and any other business with the permission of the Chair.

The shares of Medico Remedies Limited closed today on the NSE at ₹310.80 apiece level, down by 0.70% from the previous close of ₹313.00. The stock recorded a total volume of 15,951 shares which is half compared to the 20-Day average volume of 35,023 shares. The stock has seen a multibagger return of 156% during the past year, but YTD, it has declined by 3.82% in 2023. The stock generated a multibagger return of 244% during the previous six months, but it has dropped 3.73% over the last month. The stock touched a 52-week-high of ₹346.85 on (09-Jan-2023) and a 52-week-low of ₹82.60 on (10-Aug-2022), indicating that at the current market price, the stock is trading 10.39% below the 1-year high and 276.27% above the 1 year low.