IRB Infra up 6%, nears 52-week high as stock trades ex-split in 1:10 ratio
Shares of IRB Infrastructure rallied 6 per cent to Rs 31.60 on the BSE in Wednesday’s intra-day trade after turning ex-date for stock split in the ratio of 1:10. The stock was quoting close to its 52-week high of Rs 32.90, touched on December 14, 2022.
The company had fixed February 22, 2023 as the ‘Record Date’ to determine eligibility of shareholders for sub-division /split of every 1 equity share having face value of Rs 10 each, fully paid-up into 10 equity shares having face value of Re 1 each fully paid-up.
“The rationale behind the stock split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors,” the company said.
