Mumbai, July 3 (IANS) The Board of Directors of Muthoot Finance will meet on July 18 to consider the proposal of stock split of equity shares of the company.
A stock split divides the company’s existing shares into multiple shares to boost the liquidity of the shares. Although the number of shares increases by a specific multiple, the total value of the shares remains the same compared to pre-split amounts, as the split does not add any real value.
Further, the board will also seek approval of shareholders for increasing the borrowing powers of the company from existing Rs 50,000 crore to Rs 75,000 crore, the company said in a regulatory filing.
On Friday, shares of Muthoot Finance on the BSE closed at Rs 1,145.50, higher by Rs 36.85 or 3.32 per cent from its previous close.