In a significant move, the board of directors of Rajnish Retail Ltd has declared a stock split in its board meeting held on Monday. This decision, however, is subject to approval by the company shareholders. The record date for the stock split will be decided later.
The company has promptly informed about this development in its latest exchange filing. Stock split details Rajnish Retail Ltd informed the Indian stock market's bourses about the stock split, saying, "The Company has approved sub-division of shares in the ratio of 1:5 subject to the approval of the members of the company and other regulatory approvals. The record date will be intimated to the stock exchanges after receiving the members' approval.
" The company also shared a press release saying, "Rajnish Retail Ltd. (BSE: 530525) has announced that its board has approved Sub-Division/Split of 1 Equity Share into five equity shares, subject to the approval of the Members of the Company and other regulatory/statutory approvals as may be required. The board shall decide the record date for the subdivision of equity shares and will inform the stock exchanges after receipt of approval from the members.
" The board further approved the offer, issue, and allotment of up to 690,000 convertible warrants, each convertible at an issue price that may be decided by the Preferential Issue Committee, to promoters and/or non-promoters through the preferential issue, subject to the approval of the shareholders and other authorities.