Waaree Renewable Seeks Share Split Approval

New Delhi, Jan 30 (PTI) Waaree Renewable Technologies will seek shareholders' approval to split equity shares with a face value of Rs 10 each into five shares through a postal ballot notice to encourage small investors and improve stock liquidity.

"With a view to encourage wider participation of small investors and to enhance liquidity of the equity shares of the company in the stock market, the Board of Directors of the company at its meeting held on January 20, 2024, approved and recommended for consideration of members for split/sub-division of one equity share of face value of Rs 10 into 5 equity shares of the face value of Rs 2," as per the postal ballot notice.

The special resolution "to approve split/sub-division of equity shares of the company from face value of Rs 10 each to face value of Rs 2 each" is listed in the postal ballot notice sent to members on January 20, 2024.

The e-voting facility will be available from Thursday, February 1, 2024, at 9:00 am (1ST) and ends on Friday, March 1, 2024 at 5:00 pm (1ST), it added.

According to the document, there will not be any change in the amount of authorised, subscribed, issued and paid-up share capital of the company on account of split/sub-division of equity shares.

Additionally, it stated that such split/sub-division shall not be construed as a reduction in the share capital of the company.

"Equity shares of the company are listed and actively traded on the BSE. Further, since incorporation of your company, it has performed well both in terms of profit and business," it stated.

To accommodate the split/sub-division, it is necessary to alter the capital clause of the memorandum of association of the company, it noted.

Thus, another special resolution, "Alteration of Capital Clause of Memorandum of Association of the Company" will also require shareholders' approval.