Tiger Logistics announces stock split 1:10; shares hit 52-week high
Shares of Tiger Logistics hit the upper circuit on Tuesday’s trading session, hitting 52-week high after the company announced that the board of directors have given their approval for stock split at 1:10 ratio.
This means that the each share of the company with a face value of ₹10 will be divided into 10 shares with a face value of ₹1 each, the company said in its exchange filing.
Tiger Logistics shares rose over 6.39% to ₹838.50 per share on Tuesday on BSE, against previous close at ₹788.15 on Monday.
However, the proposal for the stock split is contingent upon shareholder approval and other necessary clearances. The company stated in the filing that the record date for the subdivision/split will be announced soon.
Following the subdivision of the face value of Tiger Logistics (India)’s equity shares, the amendment to the capital clause in the company’s memorandum of association is planned, pending approval from the company’s shareholders. The company intends to seek approval for these changes in the upcoming shareholder sessions.
Also read: LIC-backed multibagger small-cap stock Integra Essentia hits record high
Tiger Logistics (India) is a prominent international logistics player recognized for its proficiency in managing the import and export of cargo and projects. With a robust network of approximately 50 agents and partners worldwide, its competitive advantage lies in its asset-light model, providing customers with a comprehensive solution for international trades.
The shares of Tiger Logistics have surged nearly 17.92% in the last five days and have gained over 112.44% in the last six months.
The company reported net Sales at ₹53.58 crore in September 2023 down 70.6% from Rs. 182.24 crore in September 2022. Quarterly Net Profit at Rs. 3.22 crore in September 2023 down 59.3% from Rs. 7.92 crore in September 2022.
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Published: 09 Jan 2024, 04:13 PM IST
