Hardwyn India schedules board discussion to consider split of shares

Hardwyn India, a company manufacturing aluminium products and basic architectural hardware, has published a 5 per cent increase in shares after it conducted discussions with the board to consider sub-divisions of equity shares in the next planned conference. Each share pertaining to the company is being sold at INR 10, which reflects only the face value.

The stock opened with a 1 per cent hike and remained on the upward strive flashing green numbers till 10.30 AM in a feeble market. The company stock was quoted at INR 265.80, 4.50 per cent higher than usual.

As per the documentation laid down by the authorities on March 11, it was stated that the Board of Directors are scheduled to meet on April 26, Wednesday. This meeting will focus on discussions and further decisions on the split of Hardwyn India’s equity shares.

Once the board approves the split of shares, the company will venture out to get shareholder approvals. The idea behind this split is to balance the shareholder base and receive assistance during company liquidation. Moreover, diluting the stocks might introduce affordability in the smaller investor market.

Whenever a company declares the split of shares, the total number of outstanding shares in the market augments and the rate is calculated proportionately to the number of splits.

Last year, in July, the company announced a 1:2 bonus for its shareholders, which means each person was given one bonus share for every two shares owned. The split announcement usually arrives within one year of the bonus issue.

Hardwyn conventionally serves the construction sector in India with a wide range of hardware products made of aluminium. The company markets itself as a premium architectural hardware fittings distributor in India. Its small-cap stock has generated impeccable results for its investors in FY23, projecting positive growth for the company. Hardwyn’s stock has bulged more than 200 per cent in the year gone by.