Teamo Productions shares jump 5% as company board approves stock split

Shares of Teamo Productions HQ Ltd, formerly known as GI Engineering Ltd, surged about 5 per cent during the trading session on Friday after the company announced its stock-split. The company board of Teamo Production has announced the stock split in a 1:10 ratio.

It means that each share of Teamo Productions, with a face value of Rs 10 each, shall be split into ten equity shares with a face value Re 1 each as on the record date. However, the proposal is subject to approval from shareholders and other regulatory approvals, if needed.

Following the announcement, shares of Teamo Productions HQ jumped about 5 per cent to Rs 11.59 on Friday, compared to its close at Rs 11.08 in the previous trading session. The stock has rallied more than 140 per cent from its 52-week low at Rs 4.78 hit in November 2022.

The company will also seek re-approval from the shareholders to raise funds by issuance and allotment of equity shares for aggregate amount not exceeding Rs 100 crore by way of QIP’s, ADR, GDR, FCCB or any other method or combination thereof. The previous resolutions passed on September 30, 2023 had elapsed, it added.

However, the company has deferred its agenda to consider and approve the financial results for the September 2023 quarter. The company also postponed its plans to evaluate necessary strategies to be adopted for future growth and expansion of the company business.
 

GI Engineering Solutions announced the addition of a new business division to enter the business of film production, distribution and allied services and renamed itself as 'Teamo Productions HQ' to reflect the business activities more appropriately.

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