New Delhi: Steel pipes manufacturer Hi-Tech Pipes on Friday split its shares in the ratio of 1:10 to increase liquidity of the stock in the market and boost public participation in shareholding.
Earlier, the company through postal ballot had approved sub-division of its shares from 1 equity share of face value of Rs 10 each to 10 shares of face value of Re 1 each, it said.
The company had fixed March 17, 2023 as the record date of the stock sub-division plan.
"Company has split the share to increase its liquidity so that small shareholders/investors can also buy company shares," a company spokesperson said.
Uttar Pradesh-based Hi-Tech Pipes owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka.
The company has also signed an agreement with the Uttar Pradesh government to set up a steel manufacturing facility in the state at an investment of Rs 510 crore.
Besides steel pipes, the company also produces hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures and a variety of other galvanised products.
Shares of the company were trading at Rs 93.80 apiece, up 4.57 per cent from its previous close, on the BSE.