Teamo shares hit upper circuit; co announces record date for stock split

Shares of Teamo Productions HQ Ltd hit upper circuit on Friday after the company announced the record date for the purpose of the subdivision of equity shares. The company informed the bourses about the same through an exchange filing on Thursday.

The company shall be splitting its equity and preference shares in 1:10 ratio, which was announced in October 2023. Subsequent to this corporate action, shares of the company with a face value of Rs 10 each shall be subdivided into 10 equity shares with a face value of Re 1 each.

Pursuant to the shareholders’ approval obtained through postal ballot on November 26, 2023, the Teamo Productions HQ has fixed December 14, 2023, Thursday, as record for the purpose of subdivision/split of equity shares and preference shares of the company, it said in the exchange filing.

Teamo Productions also clarified that the Company neither issued nor had any outstanding preference shares as on date of exchange filing, that is, November 30, 2023, it added.

Also read: Adani Power shares snap two-session losing streak; here’s what technical charts suggest 

Following the announcement, shares of Teamo Productions HQ hit an upper circuit of 5 per cent to Rs 11.19 on Thursday. The scrip had previously settled at Rs 10.66 on Thursday. The stock has surged about 135 per cent from its 52-week low at Rs 4.78 hit a year ago.

The company board and shareholders also approved alteration of capital clause of memorandum of association of the company consequent to the subdivision of the face value of the equity shares and preference shares of the company.

Teamo Products HQ was formerly known as GI Engineering Solutions Limited, The recently renamed itself after entering a new business of film production, distribution and allied services and renamed itself as 'Teamo Productions HQ' to reflect the business activities more appropriately.

Also read: Flair Writing shares listing in Top News on December 1: TCS’  Rs 17,000-crore share buyback, GNFC’s buyback offer to open, Stock market, Bank Nifty outlook, Visa free entry for Indians to Malaysia

Also read: Stock recommendations by market analysts for December 1, 2023: Amara Raja, IOL Chemicals and Jindal Saw