Motisons Jewellers has notified the exchanges that it will hold a board meeting on Thursday, September 19, 2024 to discuss the proposal for sub-division/demerger of shares.
Currently, the face value of the shares is Rs 10 per share.
“…This is to inform you that the meeting of the Board of Directors of Motisons Jewellers Limited (“the Company”) is scheduled to be held on Thursday, September 19, 2024 to carry out the following business including proposal to sub-divide/demerger the equity shares of the Company currently having face value of Rs 10 per share in such manner as may be determined by the Board,” the company said in a regulatory filing.
In addition to the stock split, the board will also consider amending the capital provisions of the company’s articles of incorporation to reflect this change.
Earlier, the company’s board had approved raising Rs 1,700 crore through issue of preference shares at an issue price of Rs 170 and an increase in the authorized share capital.
The financing agreement will be for an aggregate amount of up to Rs 1,700 crore to be paid in cash.
The Board of Directors also considered and approved an increase in the authorized share capital.