HMA Agro Industries Ltd., a government-recognized exporter of frozen buffalo meat, has seen its board approve a stock split proposal on Wednesday. The equity share face value of ₹10 will be divided into ten shares each worth ₹1, in a bid to enhance liquidity and affordability, pending regulatory approval. The current market price stands at ₹664.95.
The stock split comes after the company's initial public offering (IPO) in June 2023, where it offered its shares at ₹585 per share. The shares were listed on BSE and NSE at ₹615 and ₹625 per share, respectively, on July 4th, achieving a near 6% premium. The IPO had a subscription rate of 1.62 times and raised ₹480 crore (INR100 crore = approx. USD12 million).
In the second quarter of fiscal year 2023-24, HMA Agro reported a total income of ₹1,184.79 crore, representing a year-on-year growth of 56.3% and a quarter-on-quarter increase of 23.3%. However, despite a year-on-year rise of over 15%, the net profit for this quarter decreased to ₹38.17 crore from the previous quarter's ₹42.72 crore.
The record date for the stock split, approved during the July to September 2023 quarter, is yet to be announced.
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