Godrej Properties' stock surged 2.7 per cent to Rs 529 around noon on Monday after the company informed the exchanges that its board of directors has approved a 1:2 stock split proposal.
However, trading volume remained subdued at 2,055 shares against its two-week average of about 37,500 shares.
In a communication to stock exchanges, the company said that its board of directors on March 23 had approved sub-division of equity shares of Rs 10 into two shares of Rs 5 each subject to approval by the members, which would be sought by way of postal ballot.
Accordingly, the equity shares of nominal value of Rs 10 each of the company will be divided into two equity shares of nominal value of Rs 5 each.
Record date for the stock split will be announced after the proposal is approved by the members of the company, the company said in a statement to the exchanges.
The stock has shed considerable value after touching a 52-week high of Rs 689 on the BSE on December 7, 2012.