Teamo Productions HQ shares were up 5 per cent today following an approval by the board for stock split.
Stock Market News: Teamo Productions HQ shares were up 5 per cent today following an approval by the board for stock split. The stock make an intraday high of Rs 11.50. It finally closed with gains of 2.26 per cent at Rs 11.30. Teamo Productions HQ Ltd was formerly known as GI Engineering Ltd. The board of Teamo Production has announced the stock split in the ratio of 1:10.
It means that each share with a face value of Rs 10 each shall split into 10 equity shares with a face value Re 1 each as on the record date.
However, the proposal is subject to approval from shareholders and other regulatory approvals, if needed.
“Considered and approved the proposal of sub-division/split of company’s 1 (one) Equity Shares and Preference Shares of the Company having a face value of Rs. 10/- each into 10 (Ten) Equity shares and Preference Shares, respectively, of the company having face value of Re. 1 each, subject to the approval of shareholders and such other approvals as may be required,” the company said in a stock exchange filing.
“In this regard, the record date for such division/ split shall be intimated to the stock exchanges in due course,” it said further.
The company said that it will also seek re-approval from the shareholders to raise funds by issuance and allotment of equity shares for aggregate amount not exceeding Rs 100 crore.
Earlier in September, GI Engineering Solutions renamed itself to Teamo Productions HQ Ltd (TPHQ). The announcement was done after the company announced the addition of a new business division.