PNN
Ahmedabad (Gujarat) [India], August 25: Unison Metals Limited (BSE: 538610), a pioneer in the steel industry, has announced the sub-division of its equity shares. The company's Board of Directors approved splitting each equity share of face value of Rs. 10 into ten equity shares having a face value of Re. 1.
Following the stock split, Unison Metals' share capital will increase from 3,42,50,000 equity shares of Rs. 10 each to 34,25,00,000 equity shares of Re. 1 each, subject to the approval of members and completion of statutory requirements. The process is expected to be completed within two months of members' approval.
The move is aimed at making Unison Metals' shares more affordable and attractive to a wider base of investors. The sub-division is also expected to improve the liquidity of the company's shares in the market.
Commenting on the development, (name and designation) of Unison Metals Limited, said, "The decision to split the equity shares is expected to enhance retail investor participation. By making the shares more accessible, we are confident that this move will generate greater interest in the company and enhance long-term shareholder value."
Unison Metals is a part of the UCM Group of Industries and manufactures hot & cold rolled stainless steel sheets for wide range of industrial applications. It has been selected by the Investment & Technology Promotion Division of the United Nations Industrial Development Organisation (UNIDO) for collaboration in the field of stainless steel sheets, kitchenware, tableware, cutlery, utensils, storage tanks, and drums, a significant endorsement of its commitment to quality.
The shares of Unison Metals closed at Rs. 24.16, up by just under 1% on Friday. The company's market cap stands at Rs. 71.57 crore.
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