The board of BCL Industries Ltd has approved a proposal to split the shares of the company in ratio of 1:10.
In a statement on Wednesday, the company said Oct. 27 has been fixed as the record date to split each share into 10 separate shares.
"The Board of Directors of the company has passed the necessary resolution to fix the record date Friday, Oct. 27 for the purpose of sub-division of every 1 equity share...into 10 equity shares...," the statement said.
The current face value of each share is Rs 10 and after the split, the new value of each share would be Re 1.
On the rationale behind the move, the company said it will increase the number of shareholders of the company.
BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.
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