Maharashtra Seamless Hits Record High On Stock Split, Bonus Issue Plan

Shares of Maharashtra Seamless Ltd. hit a record high after the company announced that it would consider issuing free shares and a stock split on Oct. 17.

The board of directors of the company that makes seamless pipes and tubes will meet next week to consider and approve the issue of bonus shares and the splitting up of the company's existing Rs 5 equity shares, the company said in exchange filings.

Shares of the company gained as much as 9.5%, the most since Jan. 28, to a record high of Rs 910 apiece. The stock extended gains to the seventh day on Thursday.