Stock split 2024: Nestle India share price dips as stock trades ex-split in 1:10 ratio
Stock split 2024: Nestle India’s share price witnessed selling pressure in early morning deals on Friday as the stock is trading ex-split today. Nestle India’s share price today opened downside and went on to hit an intraday low of ₹2,657 apiece on BSE, logging a nearly 2 per cent dip against its Thursday close of ₹2,711. 60 per equity share.
The FMCG stock is expected to remain under the radar of stock market investors and observers as the stock is going to become more affordable for investors. The board of directors of Nestle India Limited has fixed 5th January 2024 as the record date for the subdivision of stocks in a 1:10 ratio. This means one Nestle India share having a face value of ₹10 per equity share will be subdivided into ten shares with a face value of Re 1 per equity share.
Nestle India stock split record date
Nestle India informed Indian stock market bourses about the stock split record date saying, “Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Friday, 5th January 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, will be sub-divided into 10 (ten) equity shares having face value of Re. 1/- (Rupee one only) each, fully paid-up, ranking pari-passu in all respects which was approved by the Equity Shareholders through Postal Ballot on 8th December 2023, as already intimated to the Stock Exchanges vide our letter no. PKR:SG: 84:23 dated 8th December 2023.”
Nestle India stock split 2024
This move of the board of Nestle India Limited will make India’s sixth highest-price stock more affordable. The move may also lead to a rise in trade volume as Nestle India’s share price will come down towards ₹2,700 apiece levels after the stock split in a 1:10 ratio. Nestle India’s share price ended on Thursday at ₹27,150 per share level on the NSE.
In Nestle India’s Q2FY24 results, the company experienced a notable 36 per cent year-on-year increase in profits, reaching ₹908 crore. Simultaneously, its revenues saw a growth of 9.6 per cent, totaling ₹5036 crore.
During the September 2023 quarter, Foreign Institutional Investors (FIIs) reduced their stake in the company from 12.38 per cent in the preceding June quarter to 12.1 per cent. Conversely, Domestic Institutional Investors (DIIs) increased their ownership from 9.05 per cent to 9.32 per cent over the same period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!