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Shares of Godfrey Phillips India Ltd, which belongs to the K K Modi Group, are down by more than 6 per cent despite a decision by the company's board to subdivide the face value of shares from Rs 10 to five shares of Rs 2 each, which would make the stock more affordable as it now quotes above Rs 3,000 each.
The board also recommended payment of dividend of Rs 40 per share.
In a communication to the stock exchanges, the company said the board cleared a proposal to subdivide the face value of a share from Rs 10 to five shares of Rs 2 each. The stock fell by Rs 217.70 or 6.44 per cent to Rs 3,165 on the NSE.
According to the company Web site, GPIL owns some of the well-known cigarette brands like Four Square, Red and White, Cavanders, Tipper and North Pole and also manufactures Marlboro under licence. Godfrey Phillips India has also entered the pan masala market with the launch of Pan Vilas pan masala.
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