Sigachi Industries shares rise as company board announces record date for stock split

Shares of Sigachi Industries traded higher during the early trading session on Monday after the company announced the record date for the purpose of sub-division of its equity shares. The company informed the bourses about the same through an exchange filing on Saturday.

The company has fixed October 9, 2023 as the record date for the purpose of stock split as approved by the shareholders in the annual general meeting (AGM), which was held on September 7, 2023, the company said in the exchange filing. The company board has approved the stock split in August 2023.

The board of Sigachi Industries had approved the sub-division of its equity shares in a 1:10 ratio, which means each share of the company with a face value of Rs 10 each will be split into 10 equity shares with a face value of Re 1 each. The record date has been announced after shareholder's approval.

Following the announcement of a record date for stock split, shares of Sigachi Industries surged about 3 per cent to Rs 362. on Monday, with its total market capitalization shy of Rs 1,100 crore mark. The scrip had settled at Rs 353.85 on Friday. The stock has rallied about 45 per cent in the last three months.

Sigachi Industries made its debut at Dalal Street in November 2021, when the company raised Rs 125.43 crore through its initial stake sale by selling its shares in the range of Rs 161-163 apiece. The stock is currently trading more than 120 per cent higher from its issue price.

Incorporated in 1989, Sigachi Industries is engaged in manufacturing of microcrystalline cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry. MCC has varied applications in the pharmaceutical, food, nutraceuticals, and cosmetic industries.

Also read: Hot stocks on September 11, 2023: Adani Power, Coffee Day, IRFC, Mazagon Dock, IRCON and more

Also read: India, Saudi Arabia likely to sign energy cooperation pact, Bengaluru Bandh in Top News on September 11: Share markets, Landmark Cars among ex-dividend stocks, 9/11 anniversary, Nokia G42 launch

Also read: Stocks to watch on September 11, 2023: Reliance Industries (RIL), Natco Pharma, Landmark Cars, Oil India, Gujarat Gas, others