October 15, 2024
New Delhi, India
Stock Split
Exxaro Tiles’ share price jumped on Tuesday, October 15, after the company revealed plans for its first-ever stock split, dividing each share into 10 new shares. This move, approved by the board on October 14, aims to increase stock liquidity and attract more small investors. However, the stock split is still pending shareholder approval.
Key Details:
- Stock Split: 1:10 ratio, reducing the face value of each share from ₹10 to Re 1.
- Stock Performance: Exxaro Tiles shares were trading 1.68% higher at Rs. 94.94 a piece by 11:33 A.M IST today.
- Approval Process: The company expects the process to be completed within 2-3 months after shareholder approval, with the record date yet to be announced.
Financial Challenges:
Despite the stock split announcement, Exxaro Tiles faces financial struggles, reporting a loss of ₹4.27 crore in Q1 FY24 with total debt at ₹97.45 crore as of March 2024. The stock has declined 32.88% over the past year.
Founded in 2008, Exxaro Tiles manufactures vitrified tiles and serves large-scale projects across sectors like education, hospitality, and healthcare.
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