Stock Split: Cellecor Gadgets announces 10:1 sub-division - Details

stock split: cellecor gadgets announces sub-division - details

Stock Split: Cellecor Gadgets has to split the face value of its equity shares. The company has made the announcement regarding the same through an exchange filing.

Cellecor Gadgets, which was incorporated in 2020, is mainly engaged in the procurement, branding and distribution of electronics and consumer durables goods.

As per a filing dated June 26, the company's board considered and approved a proposal for the sub-division of the face value of equity shares. The split will take effect in the ratio of 10:1. It means that each equity share will split into 10 equity shares.

The current face value of Cellecor Gadgets shares is Rs 10. Once the split takes effect, the new face value would be Re 1.

"Sub-division/split of company’s 1 (one) Equity Share having face value of Rs 10 each in to 10 (Ten) Equity shares of the company having face value of Re 1 each," according to a filing.

The split, is, subject to the approval of shareholders and other approvals as may be required.

The company has also fixed the record date for determining the eligibility of shareholders participation in the split.

"The Board has fixed Friday, 09th August 2024 as Record Date for the purpose of determining the eligibility of Shareholders for the proposed sub - division/split in nominal value of the Equity Shares of the company," the filing added.

A stock split is done to infuse liquidity and to make shares affordable to small traders and investors.

Cellecor Gadgets had floated its IPO in September 2023. The company issued its equity shares at Rs 92 apiece in the primary market. Going by analytics, Cellecor Gadgets shares have delivered a solid return of more than 200 since listing.