Kolkata, June 16
The board of directors of Exide Industries on Friday recommended splitting the equity shares of the company from the current face value of Rs 10 each to Re 1 per share. The recommendation is subject to approval of the shareholders of the company at the 59th annual general meeting to be held on July 21. According to a notice issued by the company at BSE, the split will raise the number of shares of the company by 10 times thereby offering better float and liquidity to the shares in the stock market.
Exide has a share capital of Rs 75 crore which will remain unchanged post-stock split. Announcing the decision, the Executive Chairman and Chief Operating Officer, Mr S.B. Ganguly, said, "The split, if approved by the shareholders, is expected to add liquidity to the Exide shares in the stock market and we hope more people will be able to join the family of Exide shareholders."