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Eicher Motors stock split comes into effect; shares end marginally higher

 The management said that the purpose behind splitting share price is to facilitate a larger shareholder base and aid liquidity.

 

Shares of Eicher Motors ended with nominal gains of 0.23 percent at Rs 2,176.85 on BSE on August 24, the day when the 1:10 stock split came into effect.

The company, in its June board meet, had approved a stock split in the ratio of 1:10 -- sub-division of equity shares from the existing one equity share of the face value of Rs 10 each into 10 equity shares of the face value of Re 1 each.

Eicher Motors on August 11 announced its decision to go in for a 10:1 stock split.


"Members of the company at its 38th Annual General Meeting on August 10 approved sub-division of each existing equity share of the face value of Rs 10 each into 10 equity shares of the face value of Re 1 each," Eicher Motors said.

The management said that the purpose behind splitting share price is to facilitate a larger shareholder base and aid liquidity.

Shares of the company opened at Rs 2,219 on BSE and touched the intraday high and low of Rs 2,389 and Rs 2,171.85, respectively, on August 24.

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