Multibagger Soaring 1,045% in 1-Yr Mulls Stock Split, Bonus Shares & More
By Malvika Gurung
Investing.com -- The pipes manufacturer and exporter Captain Pipes (BO: CAPN ) announced the issue of bonus equity shares as well as a stock split at its board meeting on Friday, Jan 27, 2023, among other announcements.
Shares of Captain Pipes ended 5.47% higher at Rs 600 apiece on Friday amid a bloodbath on Dalal Street. In the past one year, its shares have skyrocketed 1045%, making the pipe maker a multibagger stock.
The micro-cap company’s Board of Directors considered the following items at its meeting on Friday:
#1. Stock Split
Subdivision of one equity share having a face value of Rs 10 apiece into ten shares of the company of face value of Re 1 each.
Through the split, Captain Pipes expects to enhance the liquidity of its shares and widen the shareholders' base by making them more economical to investors. Doing so increases the number of shares in the market while keeping the stock’s market capitalization unchanged.
The corporate event is expected to complete within 2 months from the date of the Board’s approval.
#2. Bonus Share Issue
Issuance of two bonus shares for every one equity share held by the company’s shareholders as on the record date.
The estimated date by which such bonus shares would be credited/dispatched will be by March 27, 2023.
#3. Increase in Authorized Share Capital
The authorized share capital of the company has been increased from Rs 6 crore to Rs 16 crore, divided into 1.6 crore shares of Rs 10 each.
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