On Friday, Steel pipes manufacturer Hi-Tech Pipes split its shares in the ratio of 10:10 to upsurge stock liquidity and increase public participation in shareholding.
Previously, through postal ballot, the company had sanctioned a sub-division of its shares from 1 equity share of the face value of Rs 10 each to 10 shares of the face value of Re 1 each. The firm had decided March 17, 2023, as the record date of the stock sub-division strategy.
“Hi-Tech Company has split the share to upsurge its liquidity so that small shareholders or investors can also purchase company shares,” a business spokesperson stated.
Uttar Pradesh-based Hi-Tech Pipes owns and controls combined manufacturing services at Sanand in Gujarat, Sikandrabad in Uttar Pradesh, and Hindupur in Karnataka.
The company has also contracted an agreement with the Uttar Pradesh government to plant up the steel manufacturing facility in the state at an investment of Rs 510 crore.
Besides steel pipes, the company also manufactures hollow sections, tubes, road crash barriers, cold rolled coils and strips, solar mounting structures, and other galvanised products. Company’s shares were trading at Rs 93.80 per share, up 4.57% from its earlier close on the Bombay Stock Exchange.