Paisalo Digital on Saturday announced that shareholders have approved the sub-division of 1 equity share of face value The face value of ten equity shares of Rs.10 each is Rs.1 each.
Shareholders passed the resolution through postal ballot electronically on 10 June.
Through stock splitThe company plans to increase liquidity in the capital market, expand its shareholder base and make shares more affordable for small investors.
Stock split will be done within 3 months from the date of shareholder’s approval.
After stock split, the number of equity The share capital will change, however, the value will remain the same.
As per regulatory filings, ex-stock split, the authorized share capital stands at 12 crore equity shares in total 120 crore, and 50 lakh preference shares amounting to 5 crore at the face value of 10 each. After the stock split, the number of authorized share capital will be converted into 120 crore equity shares, but will be valued at the same 120 crore, however, the preference shares will remain unchanged.
4,39,24,699 crore of issue and subscribed equity shares will be expanded to 43,92,46,990 equity shares at present post the stock split. value will remain the same 43.92 crores.
Meanwhile, the paid-up share capital of 4,39,12,199 equity shares will be converted into 43,91,21,990 equity shares after the stock split but will remain at value 43.91 crores. Also, the forfeited 12,500 equity shares will be converted into 1,25,000 equity shares after the stock split.
In addition, the shareholders also approved the reappointment of Gauri Shankarsa, a non-executive independent director of the company. Further, he approved the appointment of Vijuy Ranjan as non-executive independent director. Shantanu Agarwal has been appointed as the Deputy Managing Director of the company.
On BSE, shares of Paisalo Digital closed 774.80 each, down 0.30%.