Tide Water Oil zooms in 20% on stock split and bonus issuance plan
Shares of Tide Water Oil (India) were locked in the top 20% circuit, hitting their 52-week high of Rs 7,196.90 on BSE on Thursday, after the company said it would consider a division of ‘shares and a bonus issue in the next board meeting to be held on June 10, 2021.
As of 9:51 am, a total of around 18,000 shares had already changed hands and buy orders for 7,400 shares were pending on the NSE and BSE.
The board of directors of the company is scheduled to meet on June 10, 2021 to review the audited financial results of the company for the quarter and fiscal year ended March 31, 2021 and will also consider the final dividend recommendation for fiscal 2020. -2021. and closing the book for this purpose, âTide Water Oil said in the swap brief.
During said meeting, the board of directors will also consider a proposal to subdivide the shares and declare the issuance of bonuses to / for the shareholders at such rate / ratio to be decided there, said Tide Water Oil (India ).
Earlier in March 2016, the company issued free shares in a 1: 1 ratio, which is one free share for every share held in the company. The petroleum marketing and distribution company also subdivided the face value of the equity shares from 10 rupees to 5 rupees.
Typically, a company will consider doing a stock split to make stocks more affordable for small retail investors and increase liquidity. Over the past year, Tide Water Oil’s stock has risen 59 percent, compared to a 4 percent rise in the S&P BSE Sensex. In one year, it has more than doubled or increased 109 percent against a 61 percent increase in the benchmark. The share hit an all-time high of Rs 8,317 in January 2016.