Shares of IRB Infrastructure Developers dipped 4 per cent to Rs 306 on the BSE in Thursday’s intra-day trades after the company said its board approved stock split in the ratio of 1:10 i.e. one stock of face value of Rs 10 into ten shares of face value of Re 1 per equity share. The record date for stock split will be intimated in due course, the company said in an exchange filing.
“To enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors, the board approved stock split,” IRB Infra said on rationale behind the split. The company will complete corporate action on or before February 28, 2023 subject to necessary approvals, it said.
