Tiger Logistics shares rise 4% as company board mulls stock split

Shares of Tiger Logistics (India) Ltd rose during the early trading session on Friday after the company announced a board meeting to consider the stock-split of its equity shares. The company was informed about the corporate action through the exchange filing after the market hours on Thursday.

The company board of directors of Tiger Logistics is scheduled to  be held on January 09, 2024, Tuesday inter-alia to consider and approve the proposal for subdivision/split of existing equity shares of the company having a face value of Rs 10 each, fully paid up, in such manner as may be determined by the board, said the company in an exchange filing.

In the filing, the company said that the aforementioned corporate actions are subject to the approval of shareholders of the Company and/or any other regulatory/statutory approvals, if any needed. "The company board will also approve of notice of EGM/postal ballot and other related matters, and alteration of memorandum of association (MoA) of the company," it added.

Following the announcement, shares of Tiger Logistics (India) gained more than 4 per cent to Rs 645 on Friday, commanding a total market capitalization of more than Rs 675 crore. The scrip was settled at Rs 617.55 in the previous trading session on Thursday.

Shares of Tiger Logistics have gained about 15 per cent in the last one month, while the stock is up 80 per cent in the last six-month period. It has rallied about 60 per cent in the last one year, while it has zoomed about 2,000 per cent from its covid-19 lows.

Recently, the company announced that it is aggressively working on the launch of Beta version of FreightJar (digital logistics platform), which will focus on the global market (overseas importers, exporters and overseas logistics companies). Freightjar is a proprietary platform of Tiger Logistics, which was launched in the month of April, 2023.

Tiger Logistics (India) is an international logistics player, engaged in handling the import and export of cargo and projects. It has a base of about 50 agents and partners all over the world. The company provides logistics services across varied sectors through its asset light model.

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