By Malvika Gurung
Investing.com -- The aluminium manufacturer Maan Aluminium (NS:MANA) will be in focus this week as its shares are set to turn ex-split as well as 1:1 ex-bonus this week on Thursday.
The company’s Board of Directors had approved the sub-division or split of existing equity shares from one share having a face value of Rs 10 each into two equity shares with a face value of Rs 5 each.
Maan Aluminium’s Board had also recommended issuing bonus equity shares of the company in the proportion that one fresh equity share will be issued for every share of the company held by its shareholders at no additional cost.
“The Bonus Shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and either corporate action,” the company said.
The small-cap company’s Board set the record date for ascertaining the eligibility of shareholders entitled to receive the twin corporate rewards as July 27, 2023.
Splitting a stock typically increases the stock’s liquidity in the capital market and makes it more affordable for small investors. Doing so increases the number of shares in the market while keeping the stock’s market capitalization unchanged.
Shares of Maan Aluminium have rallied 101.1% so far in the calendar year 2023, and skyrocketed 171.6% over the past one year period, making the stock a multibagger.