The proposal requires approval from the company’s members, but Ksolves said the exercise will take place within about two months from the date of approval. However, this is also subject to the completion of the necessary procedures.
The filing also says the company plans to issue and send a mail-in voting notice for shareholder approval “in due course.”
The company said the rationale for the split was to “increase the liquidity of its stock and make it more affordable for investors.”
As a result of the demerger, the company’s authorized share capital will remain at Rs 1,250 crore, but its shares will double to Rs 2,500 crore. Similarly, the paid-up capital will remain at Rs 11,856 million, while the shares will double to Rs 23,712,000.
As a result of this development, the company’s securities trading desk will be closed until December 23, 2024. The company also added that the information “has been duly communicated to all designated persons.”
Ksolves India stock ended 0.07 per cent higher at Rs 1,010.85 on the BSE market, but fell 1.49 per cent on the benchmark Sensex.
