Tiger Logistics shares jump 6% to hit new high as co announces stock split

Shares of Tiger Logistics (India) Ltd surged during the trading session on Tuesday, hitting a new 52-week high, after the company announced sub-division of its equity shares during the session after its board meeting. The company board has announced a stock split in a 1:10 ratio. It means that each share of the company with a face value of Rs 10 each shall be divided into 10 equity shares with a face value of Re 1 each, said the company in its exchange filing with the bourses. However, the proposal for the stock-split is subject to the approval of shareholders and such other approvals as may be required. In this regard, the record date for such sub-division/ split shall be intimated to the stock exchange in due course, the company added in the filing. Following the announcement, shares of Tiger Logistics (India) rose about 6 per cent to Rs 831 on Tuesday, hitting its new record highs, with a total market capitalization of more than Rs 875 crore. The scrip had settled at Rs 788.15 in the previous trading session on Monday. Consequent to the subdivision of the face value of the equity shares of Tiger Logistics (India), the alteration of capital clause of memorandum of association of the company, subject to the approval of shareholders of the company, it said. The company will take approval from shareholders for the same in the coming sessions. Tiger Logistics (India) is an international logistics player known for its expertise in handling the import and export of cargo and projects. It has a very strong base of approximately 50 agents and partners all over the world. Its competitive edge lies in its asset light model and providing a one-stop solution to customers for international trades.

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