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Tata Steel board to meet on May 3 to consider stock split proposal

In a regulatory filing on Sunday, the company said its board will meet on May 3, 2022 to “consider a proposal for sub-division of the equity shares of the company having a face value of Rs 10 each, in such manner as may be determined by the Board of Directors.”

Tata Steel board to meet on May 3 to consider stock split proposal-dnm
Author
New Delhi, First Published Apr 17, 2022, 4:58 PM IST

Tata Group’s steel manufacturing company, Tata Steel is going to meet on May 3, 2022 to consider a stock split. Additionally, the company’s board of directors will also look into dividend recommendations for the financial year FY22. The company’s stock has surged over five-fold from the lows of March 2020.

In a regulatory filing on Sunday, the company said its board will meet on May 3, 2022 to “consider a proposal for sub-division of the equity shares of the company having a face value of Rs 10 each, in such manner as may be determined by the Board of Directors.”

It will eventually be subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the company, the steel maker added.

However, Tata Steel did not specify the ratio of stock split but will most likely give the information after the board approves the proposal on May 3.

Generally, during a stock split, the number of outstanding shares rises while the price per equity share gets cheaper proportionately. Sub-division of shares enables to improve liquidity and further makes the stock affordable for investors.

Going forward, the Tata Steel board will consider the recommendation of dividends for the financial year ended March 31, 2022, also on the same day.

Notably, the board will be meeting to consider and take on record the audited Standalone and unaudited Consolidated financial statements and results for the quarter ended March 31, 2022.

Tata Steel shares closed at Rs 1,319.25 on BSE on Wednesday.

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