- Multi Commodity Exchange of India approved a 1:5 stock split reducing face value to Rs 2 per share
- This is MCX's first-ever stock split aimed at enhancing stock affordability for retail investors
- Stock split approval is subject to regulatory and shareholder consent
Multi Commodity Exchange of India Ltd. on Friday approved a plan for a stock split in the ratio of 1:5, according to an exchange filing. This is the company's first-ever stock split. The stocks of Rs 10 per share face value will be reduced to Rs 2 per share face value.
"To enhance stock affordability, making it more accessible to retail investors, MCX Board approved stock split of 1:5 ratio, i.e. face value of Rs. 10 per share reduced to Rs. 2 per share fully paid up, subject to statutory and regulatory approvals as applicable, and approval of shareholders of the company", the filing stated.
The stock split was announced by the company along with its financial results for the quarter ended June.
MCX Q1 Highlights (Consolidated, QoQ)
Revenue up 28.1% to Rs 373.21 crore versus Rs 291.33 crore (Bloomberg stimate: Rs 389.13 crore).
Net profit up 50% to Rs 203.19 crore versus Rs 135.46 crore (Estimate: Rs 200.57 crore).
Ebitda up 51% to Rs 241.66 crore versus Rs 160.19 crore (Estimate: Rs 267.73 crore).
Margin at 64.8% versus 55% (Estimate: 68.8%).
(This is a developing story)
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