Public CompanyGMR Infra splits stock in the ratio of 1:2
GMR Infrastructure, the Bangalore-based infrastructure major, today announced sub-division of all its equity shares of Rs 2 each into 2 equity shares of Re 1 each per share. A decision to this effect was taken at the board meeting held here today. The stock split is, however, subject to the approval of members of the company at the forthcoming annual general meeting.
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Further, the board of directors have adjourned the meeting for consideration and approval of un-audited financial results of the company for the quarter ended June 30, 2009 to July 31, 2009.
"The move is aimed at enabling more and more small investors to buy our stock. At current market prices hovering around Rs 140 per share. It will help in improving the sentiment and attract retail investors towards the stock. The Sebi is contemplating making it mandatory for companies to split their stock price and bring it to the level of Re 1. So, our board decided to go for stock split ahead of Sebi norm," GMR Group Chief Financial Officer A Subbara Rao said.