Up 95% in six months, Sigachi Industries shares trade ex-split; board allots equity shares

Shares of Sigachi Industries were on the radar of investors on Monday as the stock traded ex-split and allotment of equity shares to non-promoters of the company after conversion of warrants. The company informed about the same through an exchange filing during the session. The company board of Sigachi Industries approved allotment of 1,60,51,900 equity shares to Non-promoters on conversion of 16,05,190 warrants. The allotment has been done on a post split basis and investors have been allotted 10 equity shares with a face value of Re 1 each for every warrant held. The effective price for conversion comes out to be Rs 26.10 per share. Shares of Sigachi Industries traded ex-split in 1:10 ratio on Monday as the company split its each share with a face value of Rs 10 each into 10 shares with a face value of Re 1 each. The company had announced the record date for stock split in September and the decision was approved by the shareholders of the company. Following the updates and corporate actions, shares of Sigachi Industries tumbled about 4 per cent to Rs 39.25, before making a partial recovery. The company commanded a total market capitalization of Rs 1,225 crore. The stock had settled at Rs 41 in the previous trading session. Sigachi Industries have surged more than 95 per cent from its adjusted 52-week low at its adjusted low Rs 22 in March, 2023.  The stock is about 50 per cent up in the last six months. It has delivered a return of 23 per cent in the last one-month period. Incorporated in 1989,  Sigachi Industries was listed at the bourses in November 2021. The company raised Rs 125.43 crore through its primary offering and sold its shares in the range of Rs 161-163 apiece. The adjusted issue price turns to Rs 16.3 after the split. It is engaged in manufacturing of microcrystalline cellulose (MCC), used as an excipient for finished dosages in the pharma industry. 

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