Shares of Chandigarh-based wheel rim maker Steel Strips Wheels Ltd (SSWL) surged 5 per cent to hit an all-time high of Rs 1,884 after the company informed the exchanges that the company’s shareholders have accepted the stock split offer in the ratio of 1. has approved. :2. The shareholders of the Company in its 35th Annual General Meeting approved the sub-division of the equity shares of the Company from the existing one equity share of face value of Rs.10 into two equity shares of face value of Rs.5.
The company has so far announced the record date for the purpose of sub-division of equity shares, which will be intimated in due course.
The company said that the rationale behind the sub-division of equity shares was to provide increased liquidity to the company’s shares in the stock market and encourage participation of small investors by making the company’s equity shares affordable.
In other decisions at the shareholders’ meeting, the shareholders of Steel Strips Wheels approved the appointment of Siddharth Bansal as non-executive independent director of the company for the period from November 9, 2020 to September 30, 2025, said Rajinder Kumar continued as Director. Garg was appointed as the chairman and non-executive director of the company and the remuneration of the company’s managing director Dheeraj Garg was revised.
The board of Steel Strips Wheels met on 3 September to consider splitting the stock.
As of 1:46 pm, Steel Stripes Wheels shares were trading 2.56 per cent higher at Rs 1,841, outperforming Sensex by 1 per cent.