IOL Chemicals shares in focus as board announces 1:5 stock split
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IOL Chemicals shares will be in focus on Friday after its board approved a stock split, dividing each company share into five shares. This means that for every share an investor holds, it will be subdivided into five shares. "The Board approved, inter alia, the subdivision of each equity share of face value Rs 10 into five equity shares of face value Rs 2 by altering the Capital Clause of the Memorandum of Association," the company stated in a filing. The proposed stock split is subject to shareholder approval via a postal ballot. The record date to determine eligibility for the split will be announced in due course. The company stated that the split would make the shares more affordable, attracting a wider range of investors. This move is expected to enhance investor participation and improve liquidity in the market. On the ex-split date, investors holding the stock as of the record date will receive the new shares in their dem...