Stock split alert: Shares of Jattashankar Industries Limited will remain in focus during Friday, October 16, trading session due to its upcoming corporate action record date. The the dyed-yarn manufacturer has announced a stock split in the ratio of 1:10.
The company’s board of directors has fixed Monday, October 19 as the record date to determine eligibility of shareholders for the payout. The Indian stock market follows the T+1 settlement arrangement, which means that a trade is settled a day after the transaction takes place. Hence, investors must own the stock today to qualify for stock split.
Jattashankar Industries Limited has fixed Monday, October 19, as the record date to determine the eligibility of shareholders for the payout. Which means, investors must own the stock before the record date to qualify for the sub division of shares.
Jattashankar Industries’ board of directors, earlier, had approved stock split in the ratio of 1:10, which means that every stock owned by the investor will be divided into 10 new shares with a new face value.
The board has approved “Sub-division / Split of 1 (One) Fully Paid-up Equity Share of the Company having face value of Rs. 10.00/- (Rupees Ten Only) each into 10 (Ten) Fully Paid-up Equity Shares having face value of Re. 1.00/- (Rupee One Only) each.” As per the company’s exchange filing, shareholders with 1 stock (with face value of ₹10) of the company will have 10 new shares (with a face value of Re 1 each).