Nestle India Ltd. has set Jan. 5 as the record date for determining shareholders' entitlement for the stock split, it said in an exchange filing.
The company's board of directors, in its meeting on Oct. 19, approved a share split in the ratio of 1:10. This means that each equity share that an investor holds, of face value Rs 10 each, will now be subdivided into 10 equity shares of face value Rs 1 each.
This is the first-ever stock split for the fast-moving consumer goods major.
The stock split would bring Nestle India's share price down to one tenth of the current price. This will make the stock more affordable for retail investors and, thereby, enhance liquidity at the counter.
Shares of Nestle India closed 0.01% lower at Rs 24,356.20 apiece, ahead of the announcement on Monday, as compared with a 0.24% decline in the benchmark BSE Sensex.
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