IOL Chemicals and Pharmaceuticals Ltd.'s board on Friday approved stock split in the ratio of 1:5 to improve liquidity in the market. Each fully paid-up equity share of face value of Rs 10 will be sub-divided into five fully paid-up equity shares of face value of Rs 2 each.
The stock split will make the shares more affordable, thereby increasing its attractiveness to a wider range of investors, an exchange filing said. "This move is expected to potentially boost investor participation and improve liquidity in the market."
The record date will be decided post approval of the shareholders. The stock split will be carried out within two months of the approval.
The promoter shareholding in the smallcap pharma company is 48.19% as of September 2024.
The Punjab-based IOL Chemicals makes active pharmaceutical ingredients (API) and speciality chemicals. It offers a range of APIs portfolio across many therapeutic categories such as pain management, anti-diabetic, anti-hypertensive, and anti-convulsant, among others.
It is the only backward integrated organisations producing all intermediates and key starting materials of ibuprofen.
Shares of IOL Chemicals Finance closed 0.34% lower at Rs 409.95 apiece on the BSE, ahead of the announcement, compared to a 0.3% advance in the benchmark Sensex. The stock has gained over 13% so far this year.
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