The shareholders approved the sub-division of a share of the face value of Rs 10 into two shares of Rs 5 each, the company said
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Steel Strips Wheels share price jumped more than 3 percent in the morning session on October 4 after the company’s shareholders approved a sub-division of the company’s shares.
“We wish to inform that, at the 35th Annual General Meeting (AGM) of the company held on September 30, 2021, the shareholders of the company have approved the sub-division of equity shares of the company from the existing one equity share of face value of Rs 10 each into two equity shares of face value of Rs 5 each,” the company said in an exchange filing.
“The record date for the purpose of sub-division of equity shares shall be intimated in due course,” it added.
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In another exchange filing, the company said shareholders approved the appointment of Siddharth Bansal as a non-executive independent director starting from November 9, 2020 to September 30, 2025.
India Ratings and Research had in September upgraded Steel Strips Wheels Long-Term Issuer rating to ‘IND A-’ from ‘IND BBB+’ , with the outlook as positive.
Steel Strips Wheels specialises in designing and manufacturing automotive wheels, both in the steel and alloy category. Its facilities cater to a wide range of domestic and global automobile makers. The firm has partnership with companies including Tata Steel and international players such as Kalink Co of South Korea.
The stock was trading at Rs 1,860, up Rs 64.90, or 3.62 percent. It has touched an intraday high of Rs 1,884.00 and an intraday low of Rs 1,808.05. It was trading with volumes of 3,684 shares, compared to its five-day average of 2,320 shares, an increase of 58.77 percent.
The share touched its 52-week high of Rs 1,990 on September 1, 2021 and a 52-week low of Rs 442 October 1, 2020
