Shares of Waterways Leisure Tourism Ltd., the operator of Cordelia Cruises, rose as much as 5.1% to Rs 805 on Tuesday after the company said its board will consider a proposal to subdivide the face value of its equity shares less than a week after its stock market debut.
The board will meet on July 10 to consider the proposed stock split, subject to shareholder and regulatory approvals, according to an exchange filing dated July 6. The company did not disclose the proposed split ratio.
The announcement comes within a week of the company's listing on June 30 and follows a volatile start to trading. The stock fell 16% on its debut and declined another 8% on Monday before recovering in Tuesday's session.
The board will also consider and approve the company's unaudited financial results for the quarter ended June 30 at the same meeting.
IPO drew 1.63 times subscription
The company's initial public offering, comprising a fresh issue worth up to Rs 585 crore, was subscribed 1.63 times at the close of bidding.
Investors placed bids for about 68.4 lakh shares against 41.8 lakh shares on offer, according to stock exchange data.
Ahead of the public issue, anchor investors subscribed to 32.6 lakh shares worth Rs 263 crore at Rs 808 apiece on June 22.
Earlier, on June 18, the company had announced the price band for its downsized initial public offering.
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