Paisalo Digital on Sunday announced shareholders have approved the sub-division of 1 equity share having a face value of ₹10 each into ten equity shares having a face value of Re 1 each.
The shareholders passed the resolution through postal ballot by way of electronic means on June 10.
Through the stock split, the company plans to enhance liquidity in the capital market, widen its shareholder base, and make the shares more affordable to small investors.
The stock split will be carried out within 3 months from the date of shareholder’s approval.
Post stock split, the number of equity share capital will change, however, the value will remain the same.
As per the regulatory filing, pre-stock split, the authorised share capital stands at 12 crore equity shares aggregating to ₹120 crore, and 50 lakh preference shares amounting to ₹5 crore at a face value of ₹10 each. Post stock split, the number of authorised share capital will change to 120 crore equity shares but will be valued at the same ₹120 crore, however, the preference shares will remain unchanged.
Issue and subscribed equity shares of 4,39,24,699 crore currently will expand to 43,92,46,990 equity shares post stock split. The value will remain the same at ₹43.92 crore.
Meanwhile, the paid-up share capital of 4,39,12,199 equity shares will change to 43,91,21,990 equity shares post stock split but the value will stay at ₹43.91 crore. Also, forfeited 12,500 equity shares will change to 1,25,000 equity shares post stock split.
Additionally, the shareholders also approved the re-appointment of Gauri Shankarasa Non-Executive Independent Director of the Company. Further, they approved the appointment of Vijuy Ronjan as a Non-Executive Independent Director. Santanu Agarwal was appointed as Deputy Managing Director of the company.
On BSE, Paisalo Digital shares closed at ₹774.80 apiece down by 0.30%.
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