Mumbai: Ahmedabad-based listed metals manufacturer Unison Metals (BSE: 538610) has announced its intention to split its equity shares, after its Board of Directors approved the move. This would involve splitting every share of face value Rs.10 into ten equity shares of face value Re.1.
Following this, the company’s share capital will increase from 34,25,00,000 equity shares of Rs.10 each to 3,42,50,000 equity shares of Re.1 each, following the approval of all members and completion of statutory requirements. The share spilt is expected to be completed within two months, after the member’s approvals.
With this move, the company is aiming to enhance retail investor participation.” By making the shares more accessible, we are confident that this move will generate greater interest in the company and enhance long-term shareholder value,” a spokesperson for the company said.
As part of the UCM Group of Industries, Unison Metals manufactures hot and cold rolled stainless steel sheets for a wide range of industrial applications. The company aims to boost its offerings with help from the Investment & Technology Promotion Division of the United Nations Industrial Development Organisation (UNIDO) scheme. The company currently manufactures kitchenware, tableware, cutlery, utensils, storage tanks and drums.
The shares of Unison Metals closed at Rs. 24.16, up by just under 1% on Friday. The company’s market cap stands at Rs. 71.57 crore.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
